“myM is changing the way you think about IM by allowing you to express yourself and connect with your friends in a whole new way.”

Lets recap some of Yahoo’s social networking site, they have yahoo 360, yahoo groups, flcker, del.icio.us, rivals.com, etc. And now they are going to add another one with the name myM. Why myM? I personally dont know the answer and i dont know why its a capital M? So what’s this site about?
Its a site that claims that IM meets Social Networking, just like meebo.com but better? or worse?

There are so many social networking that is now present i wonder is there still room after 2 years or will there be a IM meets Email (Inbox 2.0) meets Social Networking meets Video meets News Site meets every site category that had existed??? When will this stop???