That's right, Myspace has made another leap into the Web 2.0 community now releasing its own 2.0 style launched at midnight.
In laymen terms Myspace 2.0 is faster, more customizable and more secure. According to the Myspace administration the new Myspace allows you to "create your own website" using your own styles.
The new system allows you to choose who can view any module on your space. You can set whether you want a module to be public, private or even use your friend categories.
Also, speed is increased because you no longer need custom hacks or themes as everything you need is built into the Myspace system itself. For example, you can set a custom number of displayable comments instead of using the default 50.
You can move all your modules around so you can switch up where you want everything. You want comments on the left hand side and interests on the right? Move them.
And if you don't like the new system you can revert your profile back to the original style.
Check out Tom's Blog for more detailed information.