Here's the latest action:

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Microsoft's Live Search cashback will generate NO revenue for the company -- How badly does Microsoft want to catch Google in the search business? Badly enough that it's willing to put a program in place that will bring in absolutely no revenue, and will in fact run at a loss until it is propped up by its regular search advertising business, according to Silicon Alley Insider. SAI actually somewhat likes the idea, but the whole thing still sounds pretty desperate to us.

Google Reader catching up with Bloglines -- The most popular RSS feed reader in the United States is still Bloglines, but Google Reader is closing the gap quickly, according to new data from Hitwise. A year ago, Bloglines attracted twice the share of US Internet visits compared with Google Reader. At that time Bloglines was ranked 45th among Blogs and Personal Websites while Google Reader ranked 118th. Last week, Bloglines ranked 21st and Google Reader ranked 32nd.

MySpace moves to curtail app spam -- With the launch of its platform, MySpace has seen a rise in the amount of malicious applications being created for the social network. The same sort of thing happened to Facebook after its platform launched, and now just like Facebook, MySpace is taking some actions against it. From its blog entry:

...as of today, we're instituting new rules for how apps can communicate with users on MySpace. You can read about these rules here and in the Application Guidelines, The main thrust of these changes is to limit app communications that are based on incentivizing or tricking users.

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Spielberg's Ghost and UFO social network gets a name -- "The Rising" will be the name of the new social network developed by Oscar winning Director and Producer Steven Spielberg, according to TechCrunch. Whereas in Hollywood they might call this a "genre", in the world of social networks we call this a "niche."

Microsoft to start opening Office to other file formats -- In a move away from its own native formats, Microsoft will begin to support other file formats that many people use for various files. These include Open Document Format (ODF), Portable Document Format (PDF), and XML Paper Specification (XPS). Unfortunately these new formats won't be added until Service Pack 2 for Office 2007 comes out in the first half of next year, according to CNET.

The return of the 3-D film in a major way -- The nations largest theater chain, Regal Entertainment Group, is equipping some 1,500 screens across the country to show three-dimensional films. This will allow the chain to show the movies in most American markets. With a lot of studios now working on 3D films again, a significant resurgence of the technology seems just around the corner.