The long awaited launch of a revamped MySpace is underway, and it looks like it wants to be the MTV – Music Television, not the reality show channel – for a new generation. The new stewards of the social site, which includes part owner and creative director Justin Timberlake, have long promised that their revamped MySpace would again become the hub for popular music, aspiring musicians and their fans.

Speaking as the site entered beta testing last year, Timberlake said, “There’s a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. MySpace has the potential to be that place.”

In that sense, the first peek doesn’t contain any major surprises. As the teaser video shows, a slick new UI resembling a cross between Facebook and Pinterest seems to be loaded with features for easily posting and pimping music. The video also gives a glimpse at tools useful to aspiring artists, such as the ability to promote shows and track and identify influential fans.

News Corp. bought the once mighty MySpace for $580 million in 2005. It unloaded the site last year for $35 million to Specific Media , which includes Timberlake as an investor. According to ComScore, traffic to MySpace fell by half between 2010 and 2011 but the site has since stabilized. It drew 26 million unique visitors in April, a slight uptick from late last year.

Find out more at MySpace.