She's had how many hits and how many music videos... I actually thought her S&M video would've been more sexual.
I thought about the "current" VMAs recently, Miley compared to Britney. Britney was always hyper-sexual, but it was done behind a facade of "classier outfits" and choreography. Times are changing and people just like the nit and gritty. The teeny boppers will still cling onto whatever is the "Justin Bieber" or "NSync" of the moment.
I for one find the edgy Miley a lot more interesting than Disney Miley. Although I'd hate to see her end up like Britney. I'd go a little crazy too if I lost a guy that looks Liam JK.
Last but not least -- she's still leaving something to the imagination. It's better to be a tease than an outright sl*t -- just saying.