I think it's very interesting, and I think they're focus is in the right spot: entertainment, but I'm not 100% sold on all the crazy interaction and UI design, it looks great, but will it be a great experience? I'm not sure.
In addition to speculation about the UI, I'm interested to know if people think Myspace can make a solid comeback. I think they might be able to turn it into something viable, but probably shouldn't be gunning for Facebook. Regardless, I'm interested. Anything to clean up the results I get when looking for a band's tour dates!