The Sun argues that it is in the public interest to publish naked pictures of Prince Harry. I say it is in the public interest to keep them out of the papers. It reinforces the notion that celebrities (and for better or for worse, Royals are a form of ‘celeb’) can operate by different standards of behaviour to the rest of us.
We’ve been here before. Remember when upstanding moral beacon Prince William groped a Brazillian teenager, Ana Ferreira? Antics that would and should get you thrown out of the nightclub, and maybe even a visit from the police in other circumstances, are waved away as ‘just a bit of fun’ or ‘spreading wild oats’ if you are a Royal. People were less understanding when Mike Tindall was caught on camera in a lap-dancing club, but he is only married to a Royal.
The double-standards we grant to some people was amusingly highlighted by Hadley Freeman in The Guardian yesterday:

He is the Boris Johnson of the royal family, a buffoon whose every antic only improves his public standing.

In economics, a Veblen Good is a status symbol that defies the usual assumptions about price and demand. Such goods becomes more sought after when the price increases (for example, Rolls Royce cars). In such a way, Prince Harry is the Veblen Royal, where the things that would sink a less likeable member of the Royal Family (Prince Edward, say?) only increase his stock. Boris Johnson is a Veblen Politician.
Should public figures aspire to Veblen status? No. The problem with the concept is that it is arises due to arrogance and unnatural wealth. We deplore Veblen goods when we encounter them in economics, and we should not encourage the Royal or Political variations either. The excessive attention only encourages the behaviour… and the behaviour usually involves demeaning other people.