OK, so it's either burkas or Britney Spears, there's no middle ground for you?
Yes, I know all about child molesters, my ex married one, and I went to court twelve years ago to get custody of my two younger kids while she was contemplating doing this. I've studied it up one side, and down the other. While I think teaching a pre-school child to shake her booty like a stripper might just increase the exposure that a little girl has to predators, it always gives these children a perverse sense of reality.
It focuses the child's attention on her looks, and not her personality, or her willingness to study, or the value of all human beings. It turns otherwise decent girls into materialistic spoiled b!tches, who believe that acting a certain way for men is the way to get what you want. It inspires the less-than-picture-perfect others to emulate them with eating disorders, and self-esteem issues. They teach boys that what a girl looks like on his arm is way more important than her morals, values, brains, and disposition.
Even if all the child predators were killed (a great idea, in my estimation) there'd still be more than enough reason to get rid of child beauty pageants for the harm they do to our kids.