They were on simultaneous approaches to runways 28L and 28R at San Francisco (SFO). The separation requirement for flying parallel and simultaneous approaches is 225 meters (about 750 feet). These two aircraft are at a safe distance for the approaches they are flying. Due to the 747 being three times larger than the 757, and being slightly behind, the photo creates this incredible optical illusion.
I still cannot really put my head around it, but thought it was darn cool.
