MySpace has not only lost traffic, it is poised to lose revenue.
US unique visitor count traffic fell 8% between October 2008 and March 2009, to 70.1 million, according to comScore Media Metrix. Meanwhile, Facebook’s grew 33%, reaching 61.2 million.

Worldwide spending is expected to reach $520 million on MySpace in 2009, with $495 million coming from the [...]

According to Forbes some companies have started using Facebook as a company intranet.
I guess the the first question is cost-benefit between supporting an Intranet (full disclosure Stream can do this for you) and having pictures of your Christmas party indiscretions passed out in front of your rather then behind your back (Again full disclosure – [...]