True, sadly. I'd donate money just to see this giant spamhole gone, better: replaced by a successor.
Every bit of value a myspace profile might have is destroyed by a crappy design, misused fields, "thanks for the add" messages and just plain advertisement anywhere else.
We have nice stuff out there already, Soundcloud (nice player), Last.fm (band info), Bandcamp (most awesome sales platform)... I'm unexpressable eager to see someone creating the myspace killer with them.