I have no issue with someone doing it, but it doesn't mean I as a user am going to want to continue visiting it. As bland as Facebook is in look (and it could probably do with a less cluttered redesign), it is at least not a jarring experience so I can live with it. And for a site like MySpace to work, it needs traffic.

Not sure on the generation of web developers MySpace created. Pretty sure every single page that looked like this was plastered with logos for theme building sites/companies littered with various neon-on-black comic sans designs as far as the eye can see.