Via Feministing, here's a great collection of vintage sexist ads. The one above is interesting:
1) Lips = jewels. This is an old idea, but one that commodifies women's bodies/faces as material rather than personal/physical.
2) The lipstick is phallic, and she looks like she's about to go down on it. Why is it stationary and independent of her, rather than in her hands? Why are her eyes closed?