What confuses me with the PHB cover is the giant...It looks, to me, like it is clearly a frost giant: bluish tint to the skin, white bead, obviously wearing a white dragon hide cloak, the "norsey-celtish" knot-work tattoo on the thigh...yup. Frost giant fer sure.
But then, there's this fiery-golden glow behind and what appears a stream of lava coming down behind the wolf-hound silhouette so is that a winter wolf or a hellhound? The greyness in the giant's skin might be deemed a pale "black" or dark grey that, combined with the fiery glow in his eyes might be considered a fire giant...the white beard throws me off of that though.
I very much like that we got an elf on the cover too.
All this "she's too sexy/unrealistic" business, she's obviously a caster...going by the location of the giant's "swing" either she's diving/jumping out of the way or (i think more likely) she's flying or levitating, in which case, she can have any posture/positioning she wants. There is, most assuredly, nothing overtly or insultingly "sexy" about this woman's outfit or "angles" that hasn't been done a thousand times worse in every comic book and cartoon ever produced...not to mention more than a few D&D editions. So...*shrug* I do not see any reason for any of these raised hackles.
What type of giant it is is clearly more important for the PHB than anything about this female.

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As for layout/overall "look" of the cover, I have many of the same issues several others [who I am assuming have some experience with layout and publishing] have brought up.
Why is "D&D" at the top of the book and the product's actual name a little side concern at the bottom is my biggest "Huh?" moment.
Only answer I can come up with (assuming these are actual mock-ups of what the covers
will look like and not
might look like) is that they clearly want the game to be branded/marketed as "D&D" and NOT "Dungeons & Dragons." Maybe they're trying to shake the "it's a nerd's game" thing of past editions? Maybe they're banking on the marketing/branding info that says "everyone loves an anagram/makes them feel they're in on some secret" nowadays? The current "logged in everywhere they go culture" that deems actual writing/spelling of words takes! too! long! If it takes more than 3 letters or 1 word, you've lost the audience. I dunno, just guessing.
The red "slashes"...*shrug* they're not egregious to my sensibilities, I guess. Unnecessary, certainly. But not really detracting anything.
LOVE the ampersand...Why it needed to be redesigned just ever-so-slightly, I don't know. Someone earning a paycheck, I guess, but fine. It's close enough.
The rest? Does the cover catch your attention? I'd say by the various threads and discussions happening, just on ENworld let alone anywhere else, the answer is yes. Job done. It's what's in the book, once they have your attention, that counts.