Personally, I have never liked MySpace. It's ugly and I don't get the brand. There is too much going on. It has become the default bulletin board for musicians, but I don't hear of anyone making money.
With the majors onboard they have an opportunity and Courtney Holt has some good ideas. Let's hope they can focus and build a tribe around a clear identity & business model. Independent artists and major labels have very different marketing needs and require different strategies but the line between the two camps continues to blur. Perhaps the killer app will be a marketing model that works equally well in both directions.