That makes sense to me. I never got a Myspace Music page, because I thought other sites provided better widget-able hosting that could be imported into myspace. I agree that myspace’s super-viral quality is great, especially when it comes to things like netlabels, which can easily get the word out to thousands more people than the excellent yahoo netaudio groups. I learn about people with kindred ambient/experimental tastes every month due to myspace.
I like the idea of the hub site being a glorified web log, because I come to believe that just as text circumvented flash, so, too, will simple clunky weblogs supersede “fully loaded” sites. Myspace’s curious genius, I think, is that realize that if you build a place where people can dump format and html code, then people will use it even if the interface is far from ideal. It’s like the old college-bulletin board in the middle of campus at university.