MySpace.co.uk 

An arbitrator under the UK (Nominet's) private dispute resolution service has awarded the domain name myspace.co.uk to "MySpace" even though the registrant had registered the domain name in 1997 - many years before MySpace came into existence ...

From the Press Report, it appears that the decision was based on the registrant's change of business model - from offering email services and mini-websites to something exploiting MySpace's popularity. 

Nominet does not use the ICANN UDRP rules.  Under the UDRP, there must be both registration and use in bad faith.  So, usually, registering the domain name before the Complainant has acquired their rights is a complete answer.

On the other hand, under the auDRP, it is necessary to show only registration or use in bad faith.  So, arguably, a similar approach could be available against domain names in the .au space.

If the press report is accurate, however, one can readily see how the registrant's conduct could be passing off - although whether that would support an injunction requiring transfer of the domain name instead of just to stop the misrepresentation would be highly debatable.  In Australia, see e.g. the High Court's ruling in Campomar v Nike [2000] HCA 12 e.g. at [34] and [35].

Update: Marty Schwimmer has a link to the decision via here.