The new profile page
Here's a sample of the new Profile page. Gone is the old, box design with the tired "sounds like" pegs. It feels like they wanted to accentuate how pages "feel," with emphasis on how much can be found. Think Facebook status updates, but instead of them flowing top to bottom, they are made to roll from left to right, with the newest showing up after the gray bar that has your location, website, and Top 8 info.
The possibilities here can be unique - you've got the increasingly popular ability to upload a "cover image," which is the first thing you see when you click on the page (a scroll to the right will then drag the status updates over). If you set up a Mix/playlist, upload photos, upload new tunes... the world will be watching. It does NOT showcase if/when you upload new music in there, which might be off-putting for some who want users to see and flock to their pages. Still, it's a stark contrast to Facebook, and the old MySpace, where everything felt way more condensed. Almost like you should view these on wide-screen monitors.
Also, it doesn't look like you can mickey with the HTML, so all of you who want Hello Kitty dancing across your page while the scrolling text from The Matrix runs in the background, you might need to head over to Geocities and take a trip in the way back machine.
The main question here would be if any of these bells and whistles will matter in the long run. Sure, establishing a MySpace identity can be important, but if they're not getting anything different out of the experience that they'd get from Facebook, what will make artists/fans flock to MySpace to hang out and discover bands when they're already into using Facebook?