Today reports are coming in that Myspace will launch a news network. I suppose it has some potential as a giant gossip column/American Idol board, but as a true news outlet Myspace is destined to fail big time. Seems to me that Myspace users and well-informed, thoughtful and analytical news junkies don’t match up well.
Although some of the small networks like Newsvine are good, and the USA Today project has potential, existing social news networks like DIGG and Netscape are pretty bad for all but tech and quirky news because they generally fail to analyze or treat significant stories with much if any respect. The focus is on stories for those with ADD more than those with PhDs. I get more relevant information from watching a Charlie Rose interview than spending comparable time at DIGG, and the average DIGG user is much sharper than the average Myspacer.