One point, you can tell this is a total work in progress/concept, and that the UI is also most likely staged at this point.
(I make this observation based on the fact that every post had "12 Connects", "3 Comments" and "2 Shares". Surely if you put this much effort into production of a video you would change these numbers?)
Anyway, features which I picked up from the video...
- Photo Sharing/Uploading
- Heavy Emphasis on Music
- Insights/Stats for presumably Bands
- Radio
- Some weird feature called "affinity" that matches your online identity to Justin Timberlake?
In the final shot, It also looked like Instagram filters were applied to every profile picture?
As expected, MySpace is clearly placing a heavy emphasis on a community driven around bands and music. But, I just fail to see how they are going to get a strong user base, just considering most/all bands are content and happy with Facebook and integration with the vast supply of Band Related apps...