Bullshit. Go ask a twelve year old who's going to start creating their online persona this year what Myspace is. They won't know what you're talking about.
MySpace was an exclusive club for "99-year old girls" to fawn over their favorite bands, or for older boys boys to post pictures of "hot babes" to impress others in their age group.
Meh, the kids won't care. If some popular people use it because it's way more fun and exciting than shitty old Facebook, (plus they hear the odd story about how fun the old MySpace was) then it could get it's foot in the door.
Judging by displayed design, it definitely feels more fresh than Facebook and Twitter. I see strong influence of Microsoft's metro design language as well...
History has some examples of legacy brands being revived. Mini, Hush Puppies, Pabst Blue Ribbon are some of the known examples. Forever and never is a really long time.
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.