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The recent redesign and introduction of 3rd party apps may be too little too late for MySpace as many users have jumped ship, including me.
This week, after three years as a registered member of MySpace, I made the brave leap and deleted my profile from the site.
But would I feel lost? Without a home on the vast worldwide web? No more obsessively logging on 10 times an hour for the latest news and gossip?
The truth is I have been seduced by the new kid on the block, Facebook, where I setup my new home back in March.
Like many people, I have not used MySpace for many months. When logging on for the last ever time this week, I had no messages in my inbox and few of my friends had uploaded new content.
It seems large numbers of UK users are making the mass pilgrimage to Facebook, attracted by better communication functionality and a more organised look & feel.
Its approach to connecting existing friends, rather than online strangers, is proving a big hit.
Recent Hitwise stats show its increasing popularity in search engines, with more people now searching for Facebook than Myspace.
Traffic levels have also been dropping for Myspace over recent months, as it appears that it will soon lose its dominant position in the UK.
Microsoft certainly sees a big opportunity in Facebook, after investing $240m in the site.
However, I fear that Facebook may just be another short term trend that is fashionable today, and gone tomorrow.
I am sure there are many new, faster, better, flashier social networking sites yet to come, and then go.
The challenge for sites like Facebook is to continually evolve and develop to retain users, something MySpace may be too late to do.