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It’s easy to dismiss MySpace when folks discuss the big social portals but with the music biz in upheaval and with MySpace’s leverage there, the next six to twelve months could be telling. As streaming takes hold, [video, music] it looks like MySpace is pretty well positioned with iLike and iMeem already in the acquisition hopper.

What’s more interesting will be how the ramifications of Facebook Connect play out as millions of users look to it as the de facto "roving profile" if you will. I did see MySpace is letting users use Facebook Connect, which is smart, but how it handles overlapping apps and services will be challenging. And don’t forget, Murdoch owns MySpace and there’s some big battles brewing over pay walls and monetization.

Think of the implications if Murdoch had some success circumventing Google and yanking his content out from under the Google algorithm. That would make MySpace way more attractive to other media companies and even Bing.

Below is the excerpt I pulled from TechCrunch, clearly amplifying the continued push to focus on its core.

We’re hearing that the cuts are part of a restructuring of technology and product that’s being conducted by Chief Product Officer Jason Hirschhorn and Chief Technology Officer Alex Maghen. Both are still fairly new to the company — Hirschhorn joined last April as part of the massive MySpace top management reshuffle, and Maghen joined in September. Hirschhorn, in particular, has made no secret of his desire to kill off products that no longer fit with MySpace’s core strategy.

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