To answer your questions, it is actually really hi-def ASCII art, and suffice it to say that I know the two women pictured quite well.
The picture was taken at prom, and then I used a web utility that allows you to temporarily upload a photo, and then it can turn it into an ASCII image for you. The image is actually several hundred thousand letters. I put it into a word-processor, set the font really low, and took a screenshot [for until then, it was text, not an image].
FLUTTERSHY is the best. And Rainbow totally has a crush on her.