One of the most enlightening sections of the rulebook is the "Definitions". It's only 3 pages long and at the end of the rulebook. I recommend it as a good read. In particular:

Reconstructing an incident from photographs can be problematic, as angle-of-view and foreshortening create perspective problems. From this single picture, it looks to me like:

1. Judging by the wake of the boat, and the position of the crew and sails, I would surmise that shortly before the picture was taken, the J80 (the spinnaker boat) (A) was sailing hot downwind on starboard tack. The boat sailing upwind (B) was on a beat to windward on port tack.
2. Just before the picture was taken, A turned downwind, and moved (I don't want to use the term "gybed" here) her spinnaker to the port side. Why she did so is a matter of pure speculation. Perhaps she wanted to cross boat B, or perhaps she is heading for the motor yacht at the left edge of the photograph (it might be a finish mark although it appears to be under way).
3. At the instant shown, A is sailing by the lee. Note that one of the crew is holding the boom forward to keep it from gybing. That keeps A on starboard tack thus preserving her right-of-way. I would guess that he will let the boom go after the boats cross.
4. Note that both boats have a crewmember in a good position to watch the other. A has someone on the leeward side (probably trimming the spinsheet) and B's mastman (likely the tactician) appears to be calling instructions to the driver.
5. From the relative sizes of the people on the boats, I'd guess there's several boatlengths separation and A will cross easily.
6. All in all, I think both boats are aware of each other, have assessed the situation in advance, and are well under control. This looks like a safe crossing to me.

I hope that helps,
Eric