As someone who never used MySpace and is a fleeting Facebook user, I would've been interested in seeing the new product and willing to sign up and see if it's improved at all.
As it stands right now, not only am I not going to use it based on this stupidity, I'm going to make sure none of the people I could've brought over from Facebook don't either.
Way to alienate people before you even finish the new design. Bravo. JT must be so proud.