For starters, I think it's a bad likeness of him. It doesn't really bother me, but I do think it's a bit misplaced to use his image for a commercial end. Christians aren't supposed to be materialistic and are encouraged to be detached from and generous with what they have.

As for the Pope's image being used trivially, I don't think it is really that important. The Pope deserves respect, but he is only a human being. He has an important role, but in the end he is a servant of God and the Church, not some sort of demigod we need to be in awe of.