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MySpace is taking a new tack with video in an effort to lure away YouTube viewers — it's developing a catalog of professionally produced videos. The social network has announced it will distribute Web production quarterlife, a series about show biz wannabes, developed by the producers of Blood Diamond. The real surprise is that each episode will cost more than $500,000 — roughly 100 times what Michael Eisner's Vuguru spent on each episode of Prom Queen. MySpace's is praying that original, professional quality content will be enough of lure to sell mad ads against. But the kind of cash thrown at this project could have been much better spent, by say finally fixing the perpetually broken site.