Seems that there are more details on AOL's "MySpace Killer", as pointed out by TechCrunch:
From what I am hearing (and which isn’t contradicted by Ted above), AOL plans on building a social network on the back of AIM, which will pre-populate your AIM friends as your social network friends as well. So the key AIM integration will be to pre-build relationships into the new service.
The service will launch at AIM.com, and individual user pages will be aim.com/[username]. Functionality will be similar to MySpace - with blogging, photo and music widgets available for integration.
Damn, why does this smells to me as a flop on the issue of doing "a great application to users", even if it serves AOL as a MySpace Killer?