Has anyone gotten a rescue team together to save the people still on that sinking ship? Those people have families. On a serious note, I have a hard time thinking of a way for MySpace to be relevant again. Having over 60 millions unique visitors a month is still nothing to gawk at, but I can't see them holding on to them without doing something radical.
I do not see a way of radically changing that will not drive even more users away. But one thing is certain, if you drop +10% in revenue(traffic) a month parent companies get itchy.
I think Myspace is actually much worse off than the stats say. Its lack of relevance isn't a question anymore. But, it has a huge number of links pointing to user pages (most of which have more information available their Facebook counterts). As such, I'd wager a good bit of these unique visitors are just "phantom traffic" coming in from search engines. The rest of the traffic surely couldn't be worth enough to keep the company alive.