The background is so cheap! Beyoncé looks like she's trying hard to stick her torso forward and suck in her stomach. It doesn't look natural. And her arm looks short... I can't imagine Anna Wintour, who they say has a brilliant eye, actually looking at this and choosing it for the cover.
Testino does not have IT anymore, and apparently no one at Vogue is able to direct him to use his older photography style. At this point Vogue is only using him because he has a name and reputation as a "celebrity" photographer, not because he produces good work. He doesn't anymore. (Same goes for Annie Leibovitz who is a monster with retouching - take away her computer!)