On Friday MySpace revealed their new logo at the Warm Gun Design conference in San Francisco.

The new logo, shown on the left, is simply the word “my” followed by an empty, underlined space. The idea behind the logo is that users will be able to put their own artwork in the empty space and, in a way, brand themselves.

The topic has sparked debate along the blogosphere, mostly with negative comments, like a post from TechnoBuffalo, about the logo re-design, stating “it goes against just about every rule of business logo design I’ve ever heard.”

The real question is, will the new logo make a difference? At the end of September TechCrunch reported a complete redesign of Myspace that will be fully revealed to the public on Oct. 15. Although MySpace is still the second largest social networking outlet, its numbers have dropped significantly in the past couple years and they continue to dwindle. People may go back to MySpace to check out the new logo and it’s Facebook-like features, but it will take more than a logo change to keep them there. Is it possible to make a comeback in the social media world?

What are your opinions on the new logo?