MySpace has launched this feature using RipCode's On-Demand Video Transcoding technology, which means that the videos will be transcoded in real time to whatever your handset supports, regardless of the codec, resolution or bit rate required. They claim they're the first "social portal to launch video streaming for mobile," however I don't see any crucial difference between this and what YouTube is offering at its mobile site.
As far as future plans go, vice president and general manager of Mobile for MySpace John Faith says "MySpace will continue to grow our video library as we increase delivery channels in order to keep pace with our users’ accelerating desire for video consumption."
Check out the video guide for MySpace Mobile Video below.