Too little, too late. Their brand is tarnished forever and they'll never recover.
I'm not sure it ever matured from there.
Being on the edge but akin to old school is actually valued in music subculture. So while Facebook becomes a tired commodity, MySpace does have a shot in getting back as a 'true skool' brand for a music social network. Think of hip crowd looking back at the 80s and 90s for inspiration.