It's 2012. Smart people don't use Myspace. It has no blood. No pulse.
Musicians now have better music presentation tools (Bandcamp, SoundCloud, HTML5) and fans have better ways to listen and discover (Grooveshark, Rdio, Spotify, YouTube). Drop Facebook and Twitter into that mix.
Myspace became popular circa 2004 because it was among the first to provide a way for anyone to create an interactive web page for free without needing to code. For bands, it was the fact that they could post their songs online for anyone to hear (albeit at <96kbps). New Myspace wants to be branded as a vessel for expression. Early Myspace was about expression.
Myspace has always been a creature of quantity. Rarely has it cared about quality. It became a portal. The shiny new Myspace depicted in the teaser video looks music-centric and theoretically well-designed by wasted talent. It's a factory. A factory is not expression. It's a seizure.
The song in the video has heart. The implication that people want Myspace back opens scars. It's a facade. A PR campaign. A pop infection. Maybe you loved Myspace in 2005. But Myspace can't love you back. It can never be the same.
What's left is dead space.