Older folks will never understand the point of Myspace, but I still love it.
It's a perfect way for me to keep in touch with people I haven't seen or talked to in a while, meet people I used to go to school with and never got to meet, or meet someone through another friend.
I agree Myspace does create a problem for sexual predators but I think it would help if Myspace didn't allow anyone to sign up under the age of 16 or even 18. (Yes I know they can lie, but it would help a little).