This was Madonna's artist photo on last.fm the other day. It is usually the Ray of Light album cover, so this was a pleasant change.
I think, when it comes to iconic Madonna photos, this one has to be in the top five. It is oddly jarring seeing it in color as opposed to the sepia tones of the album cover. It's like we woke up in Munchkinland!
While I don't think that this is just an amateurish colorization of the Like A Virgin album cover, it would also not surprise me if that's what it turned out to be.