The new Myspace – now with un-capitalized S! – launched today, and Matthew Ingram wonders if anyone will care. Its user reach is down, but Myspace still has a big (40M+ in the US), young audience (that skews ethnic, interestingly) and, a long time ago, it had better ad targeting than Facebook. It will offer an interesting, toggle-able UI choice on users’ personal home pages: update stream, magazine-like tiles, and a “video player” that sounds like passive, full-screen streaming (I’m not updated yet, so haven’t seen it). Myspace steals good ideas where it can – aggregated content by topic, loyalty/usage badges, and curators that sound like the old Compuserve sysops. Back in the day I wrote a report that got the trend right – search and social networks usurping the role of portals – even if I missed the winner. Myspace’s new model of a social entertainment hub makes sense, given its audience and music strength, but it better build out its offerings for advertisers quickly.