I'm with BBL on this one. Much better to find suitable Bratz dolls (or whatever the next rage will be) and use the unsuitable for discussions.
I allowed my daughter to watch The Simpsons. I found it a great tool to discuss the love in the family, what was dysfunctional, why Bart was inappropriate, etc. I really prohibited very little in the sexual categories. The only real rule was we watch it together and discuss any questions she had and any issues I had.
What was banned in my home was violence. Now, I love violent movies -- the more gratuitous violence, the happier I am. However, I did not want her to think people died and were up and about the next day. I did not want her to believe that violence was even remotely acceptable. (I was very careful to only watch them when she was sound asleep or away from home.)
I've basically given up on the "major" stations prime time or not except for any of the CSI shows. I'd much rather watch TCM or Bravo. Even then my definition of watching televisions is that it's background noise.
All in all, I think my "permissiveness" worked. She was never promiscuous although many of her peers were. She has never worn provocative clothing and basically sneers at the girls who do, feeling there are better ways to attract boys.