On TV we've witnessed a surging popularity of seeing real people and real situations. But it isn't just "Reality TV" that is exploding in popularity, it's "Reality Media", and this phenomenon is responsible for the popularity of blogging, MySpace and all of CGM (consumer generated media).
People no longer care as much for traditional media. Magazine sales, newspaper subscriptions, television news coverage -- all are in decline, yes? People now care about raw uncut footage, opinion, and unedited news stories. It's raw. It's real. And real works.
Why has MySpace amassed a much greater user base than pretty much all the other social network sites combined? Because they have focused not so much on the relationships of people within the network, but on the personal publishing aspect. While I would disagree with Rupert Murdoch's comment that MySpace is really 30 million portals (because that implies an element of productivity), I would agree that these are "social portals". And because the users are in charge of the content, its real tone and unedited voyeuristic nature resonates with users.
In order to reach the 14-35 year old demographic, you need to keep it real. A non-corporate unedited dialogue is a brand opportunity. Don't bullshit your audience -- they know if you are -- just tell it like it is and your audience will respect you for it.