I think this is a great photo - if it's difficult to define the photographer's point of view (I'm not saying it is, but the point was raised) what a blessed relief. Keen observation, and documentation is where she's at.
I like because it says something a little serious with a wry sense of humour. Just when you're getting on with something really important some guy just wants a peek at your knickers. I bet it was serious for that little girl, anyway, if she knew what he was up to. I bet she didn't know which one to punch first.
I like it because it shows the tension of childhood relationships, the intensity and maybe even horror of it at times (more what's going on between the girls than the opportunist curiosity of the boy), but without overstating and without sentimentalising or making any kind of adult 'comment'.
The photograph speaks for iteself.