My first web dev job was at a company in that situation. Trust me when I say that would never happen. By the time a company reaches the position myspace is in they usually have a penny pinching CEO that sees engineering as an expense. The entire codebase is usually put in maintenance mode until there is a drop in ad revenue. That's when the board and CEO create a panic project to refresh the site or introduce a new gimmick to fight the decline. That usually happens once a year or so.

Little thought is given to efficiency or refactoring because the decision makers don't care about that. Everything eventually becomes about quick quarterly "wins" so that executive management can earn their bonuses. In practice this means if you can't plan, complete and show the project directly increased revenue or decreased expenses for that quarter it won't become a priority.

That is the wonderful shortsighted world of a one product company in decline :-)