I am getting more and more convinced that nobody really understands the nature, source, and drivers of MySpace's traffic. There have been earlier discussions on the topic. Now, Scott Karp's offering some statistics supporting an apparent peak in April in MySpace traffic.
There's also been anecdotal talk of teen's stated exodus to new sites like Bebo.com, in the press, as well as the blogsphere. Nick Carr has effectively called the beginning of the end.
I'm not ready to write my "The death of MySpace" post quite yet, but I'm keeping the poison pen warm.
I think critics are forgetting one huge factor: the fact that MySpace was born with the music community as its back bone. Music is a unique and enormous connector among people (another one is sports). Think about why people wear band t-shirts, and not movie star t-shirts. As long as the music community, especially local bands, continues to use MySpace to connect with their fan base, I think MySpace is safe.