Yes, a lot of (magazine) porn portrays women as sexual objects - more so than as willing participants - but perhaps a part of staking a claim in women as sexual participants with their own ideas about sex is porn for women, through which women can say "yes, I like to look at naked men". Women have always been seen as objects and property, I think trying to give women a voice in their own sexuality is a step to reversing this.
On women's porn, when playboy did a female version (playgirl, I believe, I don't know if it still sells) the main readership was gay men. However, there have been some good women's porn out there (Sweet Action was brilliant, although I believe it's no longer in circulation); the problem seems to be that "porn for women" aims to emulate "porn for men" - the waxed-chest brigade doesn't sell for most women. I know it's interpreted as "women are just as bad", but there is a lot to be said for being more open about sexuality - and that includes porn.