My first reaction was to have a bit of a chuckle when I looked at this photo. The photographer was definitely depending on dirty minds drifting when they composed this photo.

To evoke the reaction that at first glance, this is a photograph of a woman's breast, the balloon had to be perfectly colored with darks and lights in the respectable places. Also concerning color, I like the slight contrast between the the teal/blue background and the pink of the balloon. They work well together because they don't contrast too much, just enough to grab your attention. By filling the majority of the frame with the balloon, you get just enough curved linear forms to force your eye to travel all the way around the photo. This makes it more interesting to view for longer than three seconds.

I've interpreted this photo to be two things. A little trick to get people to think the balloon is a breast at first glance, and also it's just an interesting angle to shoot a balloon at. You don't normally see photos of a balloon looking straight at you, and this macro gives you a little insight.