They need to cut costs and focus on celebrity and entertainment interactions. They can't out Facebook, Facebook. They do what they do best, bring fans closer to their bands. They have too many people and too many initiatives. Focus, get practical and be MySpace.
Mino Flip should acquire the domain and build an online video editing a distribution service. A Flickr for their little cameras. I am not surprised about hearing another social network failed to find an audience. Obviously Facebook, MySpace and Linkedin command the majority of the market share in the US. When each has to push for critical mass their will be an unbelievable amount of social networks that will lose their audience.
Probably not. OpenID is an authentication system that can be used for a wide variety of technical uses. Facebook Connect allows outside developers to leverage the social graph that Facebooks owns. OpenID is everyone. Facebook Connect is of course only Facebook. I hope to see a meta level service for Google, Facebook and OpenID.