Myspace is unveiling a major redesign today, repositioning itself as a “social entertainment destination” more than a social networking site. In addition to a new logo, they also dropped the CamelCap, so you know they mean business. The new Myspace is focused more strictly on pop culture, and according to Myspace’s press releases, “aimed at a Gen Y audience.”

The revamped site, which is still in beta (because of course it is) includes more real-time info (a la Twitter), aggregated content from around the web, and more robust discovery tools for users.

Myspace is pretty much the social networking — I’m sorry, social entertainment — punching bag these days, but it still brought in about $347 million in ad sales this year, according to the AP. The site still reaches 95 million global visitors a month, including 43 million in the United States. That’s paltry compared to Facebook — whose numbers are closer to $1.3 billion in ad sales — but it’s still a lot, even if those numbers represent a major decline since the site’s heyday a few years ago.

I signed into Myspace today for the first time in three years, and while the redesign actually is attractive and handy, I can’t imagine getting back into the site — and I think that’s true of a lot of us “Gen Y” users (barf). Myspace’s strategy, then, is about enticing new users, and repositioning itself as something to use in addition to, not instead of, Facebook. But reviving online brands isn’t easy: Just ask Aol and Yahoo!, both shadows of their former selves.

Myspace could be passing out free coffee and back-scratching, and I’d still be skeptical that they could reverse their downward trajectory. What about you, PopWatchers?