Tagworld seems to be the perfect fusion of MySpace and YouTube, combining the video elements of YouTube, with the social networking background of MySpace. They just acquired $10 million in funding this week, and if they are able to get the hype up, I think they can steal away a sizable chunk of MySpace's supposed 60 million +.
Tagworld doesn't have anything that's revolutionary, but it does have a lot of cool added features that its rivals have so far failed at implementing. It allows people to not only create one, but multiple pages, and has a system of classifieds built in. You also see who visited your page, not just how many people have.
Creating a page is done via modules making it very easy.
There seems to be a lot of talk regarding MySpace's come down, and I'll believe it when I see it, I do think there is room for competition though.
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