Specifically, it looks like an ad for Skyfish paco's VN Koneko Neko Neko. For those who like the artist(and catgirls), Mangagamer's localizing an earlier VN by Skyfish paco.
Certainly an adorable catgirl illustration! I really like it.
Some people seem to like it when the girl's panties are hooked around one of her legs, but hooked around her tail...Now that's real nice.