It seems that MySpace isn't cool anymore, but my daughter could have told you that.
MySpace is going to go the way of Cabbage Patch Dolls and Pet Rocks. The spam, negative press, worried parents looking over teen shoulders. The unbelievable rise of MySpace feeds right into the fad phenomenon. What they should have done is slow the growth and 'trend' their way upwards. Fads by nature are not sustainable.
Of course, they sold and cashed out to the tune of $580 million and left News Corp. holding the bag.