In March 2008, the Fox Interactive Media sites, including MySpace, had 88.3 million U.S. unique visitors, a figure that dropped to 85.1 million last month, according to comScore. In that same time period, Facebook's unique visitors in the U.S. grew from 36 million to 61.2 million. Globally, Facebook sped past MySpace last year. Currently, Facebook claims 200 million users to MySpace's 130 million.

"Partly it's a chicken-and-egg thing. If you get more users using the site, then more developers are interested and [they] build new, interesting applications, which in turn will attract more users," Valdes said. "You get a very positive cycle going. I don't see that happening with MySpace."

The recent management shake-up, in which MySpace's CEO was replaced and its president will apparently get re-assigned to another role, doesn't help build confidence with developers, Valdes said.

Anatoly Lubarsky, founder of , which has built more than 35 applications for MySpace since October, gives the MySpace developer program a mixed review.

On the negative side, the platform is still too shaky technologically for his taste, and MySpace is slow to address the issues that arise.