A link has surfaced on the web which shows some of the functions that the MySpace API might make available.

The fact that MySpace looks to be supporting access to their API via SOAP in addition to the REST style that Facebook provides is very promising. It shows that they have been giving some serious thought about how to provide a better API than what Facebook has, rather than just coming out with a simple copycat platform.

I think it will be hard for MySpace to get the same press and massive initial influx of new applications that Facebook received, mainly because the MySpace audience doesn't have the huge developer community that Facebook does.

If the features MySpace releases are truly groundbreaking then they may be able to convince some Facebook application developers to jump ship and try their hand in the MySpace market. I'm sure if this happens it won't be long before we see the same new features surface on the Facebook platform.