That was the start. Tom left myspace after he sold it to some company. They stopped growth. They release myspace music, which then causes them to begin on a down slope. Later the other co-founder decides to leave and the company decides to lay off over 900 employees. At this point facebook was already ahead of myspace, and in their last attempts to save the site, decided they weren't social networking anymore, that they where for "entertainment"
I'm focusing on Reverbnation/Bandcamp for all "net profile" type stuff and will be setting up a website soon. Already got the domain.
Myspace is just royally fucked. It's like they hired a hundred Javascript nerds and let them go insane with no oversight or common sense running the show. Just squeeze as much pointless crap in there as possible. Reverbnation actually has some really useful tools available as it's pretty much completly focused towards bands and music promotion and just lets you hook up to Twitter/Facebook for the social networking side of things.
I love how the new design trys to rip off the vaguely "minimalist" style that is fashionable at the moment, and still manages to be an absolute cluster-fuck and the very anti-thesis of minimalism.