I tip my hat to MySpace. Losing traction to a competitor putting out kitschy services (i.e. Facebook and it's many applications)? Put out a service that actually revolves around what your users care about and use. I know personally quite a number of people that use MySpace and Facebook as a means of communicating with close friends, as opposed to traditional email; often which is reserved for more professional or less personal communication requirements.

Already though, I can tell there are going to be detractors "People wont take an @myspace.com email seriously" but I truly believe the idea behind this is to capitalize on connections already made, and simply remove the abstraction of a profile page to talk to the people on your friends list with much easier access.

MySpace just jumped ahead of the curve.