No matter who's steering the ship, it's going to be hard to stop this downward momentum: http://i.imgur.com/lD4go.png
Reddit recently posted their traffic stats, http://blog.reddit.com/2011/02/reddit-billions-served.html which shows they have ~14 million visitors.
Point is, a lot of people still know and use myspace.
I could see it coming back if they set their goals straight and concentrate on being the place for artists/bands in the music industry to promote their stuff.