Myspace has been very useful as far as keeping track of friends, family, coworkers (and some favorite artists and such), and it's great when I'm suddenly back in touch with someone I lost contact years ago, sometimes decades. The kids I am in contact with are ones that have been in my life since they were born. If they start that "repost this bulletin in five minutes" bullshit, I'll let them know to knock it off, of get off thew computer and go read a book.
Anyways, it's great for checking in and having others check in and know you're around, if they don't have any other way to contact you (unlikely, and anyone of absolute and real importance should be in your contact records anyway!).
But then, there's this sleazy side of it, just like any other internet community and considering it's a community with 200 million accounts and growing, that sleazy side is pretty big.
And the fact that anyone can make a profile, when you consider some of the TYPES of people out there.... yeah, myspace has its bugs. The spam, the phishing, the requests from complete strangers, the trolling, the predators, the low-lifes.... and a great deal of people get what they bring with them. And stupid, immature kids without good parenting, allowed to run wild on the internet bring a lot of idiotic shit with them.
Also.... for whatever reason someone no longer logs in to their account...death or imprisonment immediately come to mind....it's eerie to think that someone's myspace could very well outlast them.