This has already made a few laps around the internet, so perhaps you have already seen it:

Initial reaction ranged from "Burger King is objectifying women!" to "Hahaha sandwiches are shaped like penises!" to "Hahaha Burger King is objectifying women with sandwiches that are shaped like penises!*"
A more considered reaction: who is Burger King advertising to?
Clearly its not women. I have conducted years of market research that has left me convinced that women do not react well to invitations to stuff 7 inches of meat** into their mouth, even if you promise that it just tastes better or it will blow their mind away. It goes even worse if you suggest they assume the disposition of a sex toy, and lie there and take it. (Note not only the open "O" shaped mouth, and doll-like makeup, but also the lack of hands on the sandwich. She is not actively engaged with the sandwich, it is being jammed down her throat - she is being sandwich raped.)
But is it men? While the sexual politics of the ad are clearly aimed at young males, the implementation is more confused. The male who reacts positively to this ad sees himself not as the customer, but rather as the product. In this ad the viewer wants to be the sandwich. But Burger King wants you to be the woman. So the young male who is persuaded by this ad goes to Burger King to have the 7 inch meat shoved down HIS throat.
The only happy customer I can think of is the sexually confused, closeted fraternity member. The frat boy in him enjoys (or at least pretends to enjoy to keep up his facade) the objectification of the woman. But the other, hidden part of him loves the thought of going to Burger King and devouring the delicious phallus.
So, uh, well done Burger King. You've got that market nailed down.
*I think this last one might have been my initial reaction
**Disclaimer: I neither confirm nor deny that I am in possession of 7 inches of meat