Well it’s not exactly that simple, but myspace or my[ ] as they’re now choosing to be called realized that on the social level they will never win with facebook. So now they’re sort of merging, allowing facebook connect to log into myspace, and share friends and information between both sites. And from this day on myspace will be about delivering content (since facebook doesn’t really do a good band page) and facebook will be your social interactions.
By merging and diversifying myspace can regain some of it’s long-lost powers and thrive alongside facebook instead of competing with the behemoth. And that might actually be a good idea. The merger is called ‘mashup’ and we’ll see how well it’ll do pretty soon.