Okay, besides the fact that she doesn't look super comfy and her arm is so far back that it feels off balance... snoozing with a baby is the best!
Check out the American Academy of Pediatrics for the official recommendations here.
The short of that is: a baby in your bed is never completely safe. Full stop.
But sleeping with baby is just so-So-SO lovely. So let's talk more about this picture and find a solution!
1. Baby looks to me to be about 5 or 6 months of age. I could be wrong, maybe baby was born at 12 lbs, 28 inches and a full head of hair. But based on average babies, this one looks robust, lively enough to wake up mom in the event of a roll over. Based on our age assumption, mom is probably not horrendously overtired at this stage (because most babies this age are getting better sleep and not waking up every hour at night). Which means the chances of mom absolutely passing out and not realizing she was suffocating her baby are probably lower as well. Did you know that exhaustion can effect people in ways similar to being drunk?
So when they say no drugs, smoking or alcohol when bed-sharing... that should also include exhaustion as well.
2. The blanket over the baby is super cute, but what if mom gets chilly and pulls the blanket up over her and thus over baby? Baby should be placed so that blankets cannot cover them. I would prefer to see a baby up closer to moms face. (which means yes, the pillows are also problematic).
3. Again, I realize it is a picture and we can't have pictures in the dark... but the bright light is just killing me. No one sleeps super well in brightly lit places.
4. Baby is on a soft grown-up bed (babies are often rolling over by 5 or 6 months). Thick memory-foam is amazing but not a good choice for unsupervised babies.
So what would make this picture look safe me? I would want someone else in the room who wasn't sleeping. A lifeguard if you will. Someone reading a book or on their phone or knitting like a granny in the corner... whatever. Just someone who can be aware and look over once in awhile.
If you are snoozing with your baby because it is sweet and adorable and the best thing ever, then more power to you, just double up on your safety and get another person to be your lifeguard. If you are snoozing with your baby because you are exhausted and losing it and this is a last ditch coping mechanism... then your better bet is to put baby in a co-sleeper and get some support. Sleeping with a baby in your bed can be dangerous. Babies have literally been killed. You don't want that tragedy in your life.