The core of the game is sound, but it needs a lot more polish. Fortunately, it seems to be in active development, so these issues may be temporary:
* The ramp up in value from camera upgrades feels too small for what it costs. (I do like how the image resolution actually improves with the upgrades, though.) A level-4 camera cost you $1000 to get, but only improves your revenue per shot from $100 to $140, so it won't pay for itself until you get at least 25 shots, which you can't always manage in a single run.
* The lack of variety in the photos makes the game quickly repetitive (apparently 90% of the women in this city have the same skin tone and wear the same dark blue skirt and white panties?). 
* It's odd that all photos are worth the same amount, even though some are very tame panty shots, others are wet panties you can partially see through, and some are without panties at all. The value should ramp up with the exposure. (Also maybe some women could be wearing vibes or butt plugs, for even more bonus value)
* The movement speed is too slow, even with a lot spent on upgrades. This is especially important because the cops move quickly and aggressively follow you once they see you (which I like, actually; they seem like more of an active threat than in most similar games). I think that it should be possible to outrun a cop or catch up to a walking woman once you have say 2 or 3 upgrade levels spent in speed, and it absolutely isn't even with 4.
* The inability to save upgrades between runs makes the progression a lot less satisfying. If RNJesus does not smile upon you, you may get a run where there are more cops than women, and then you can end up finishing a run with less money than you spent on upgrades for that run.