The alternative is really easy to create: it's a place where you can upload your songs for free and use open graph from Facebook for comments, etc, because bands are now trying to slowly move to Facebook. That or Facebook gets a better way for artists to customize their pages.
Which then leads me to think... long-term development for Songkick could include bands taking control of or having access to their Songkick page?
I agree, though: MySpace is no longer a social networking site, but rather, a music artists site: I guess over 99.9% of any active artists has a page there as I've only encountered 1 artist (and not a famous one) who didn't have a MySpace home page, in years.
MySpace should focus only on the musical artists, and dump everyone else. I often feel annoyed when I search for an artist on MySpace and I find an ordinary user has taken up his name for a totally uninteresting page about himself.
Every bit of value a myspace profile might have is destroyed by a crappy design, misused fields, "thanks for the add" messages and just plain advertisement anywhere else.
We have nice stuff out there already, Soundcloud (nice player), Last.fm (band info), Bandcamp (most awesome sales platform)... I'm unexpressable eager to see someone creating the myspace killer with them.
The next version definitely needs to take the best elements of all of those services but initially it needs simplicity and I think the Sixty One guys are almost there.