This actually looks pretty great aesthetically and I dig the music element to the site. If this had been launched 3-5 years ago, it could have really changed the landscape of things. Unfortunately the name itself lends more to being a joke than something to be taken seriously and as many have pointed out, the features are covered by other social media platforms. Don't see too many people ditching out on Facebook/Pinterest/Rdio or Last.FM to go back to the new Myspace.
I think it looks awesome but it seems a little complicated compared to Facebook based on just the video, but I'm sure once it's learned it'll be simple. I just think the simplicity of Facebook is what everybody likes about it.
They should have released this as another website & maybe had the option to import all your old stuff over. I think the name is really going to deter most people from going back unless a shit load of famous faces decide to use it.