Myspace won't steal back facebook users but intact will be the second place users will go that facebook is lacking. Myspace will be big again but not like facebook. Myspace will be full of music and apps. If there smart they will offer something like facebook+itunes combined. Think about it almost every young person likes to play music and most want to make MONEY making their own music. Imagine if you sold your own music for 99 cents and myspace gets a certain percentage and if you are spotted on myspace you can be "drafted" by a music company.
This actually looks like a solid effort to overhaul the cast iron boat. I use social media and Facebook sites as little as I possibly can. My biggest FB complaint is they've done so many things that are a like it or too bad approach. Facebook lost what made Facebook what it is/was awhile ago. Maybe it was the "new" flair it had about it, or that at one point it seemed to be really useful tool. Whether the Myspace revamp works or not remains to be seen, but it definitely looks like solid effort and improvement.
Somone should just release a social network that's similar to Trillian for IM's. Combine twitter, youtube, g+, facebook, myspace, reddit all into one. I think the FBI/NSA might already have it, but they could make bank if they could sell it to the public.
I don't think it will catch. Facebook isn't just a social network. It's THE social network. It's continually being integrated with mobile devices and platforms. Facebook is "planting its roots" when it integrates with devices.