The NEW Myspace, any chance at competing?

This week and continuing through the end of November, Myspace will make strides to revamp its original interface and setup into a new place for "social entertainment." Myspace president Mike Jones stated that most of its current users focused on using the site for social entertainment commentary, such as opinions on music, television, and movies. Myspace's new objective is to cater to this niche audience. He also made a point that he was not trying to compete with Facebook, but complement it.

His view on having Myspace complement Facebook is a decent theory, but unrealistic. Facebook already offers similar places for social entertainment commentary and also has the customer base to back it up. The chances that Facebook consumers will switch to Myspace for those reasons are not likely.

Another one of Myspace's problems lie with marketers. The advertising revenue for Myspace has plummeted from $470 million to about $300 million. On the contrary, Facebook has risen from about $700 million to $1.7 billion.

Will you use Myspace again/for the first time? Or is Facebook all you need?