Jens Ropers asked whether this is likely one of the "few rare cases" where we desperately need an image which is unavailable under fair use.
Looking at the details, this image is used in [[Nudity]], [[Vietnam War]], [[Strategic bombing]], [[Kim Phuc Phan Thi]], [[History of the United States (1964-1980)]], and [[Huynh Cong Ut]]. I don't see any arguable "deperate need" for the image in any of the articles other than [[Kim Phuc Phan Thi]] and [[Huynh Cong Ut]], and the image is most likely fair use in those articles.
I think we should remove the image from [[Nudity]], [[Vietnam War]], [[Strategic bombing]], and [[History of the United States (1964-1980)]]. I'd suggest that we only link to it in the other articles (assuming it is available somewhere online outside of Wikipedia), but I could see an argument for keeping it, as it is essentially impossible to replace, the cost to buy a free license would be prohibitive (at least at Wikipedia's current stage of development), and it is most likely usable by at least the noncommercial reusers. I don't see a problem with asking for permission to use the image in those two articles if we decided to keep it.
Just my opinion, though. I'd like to here Jimbo's assessment.
Anthony