I personally think the whole myspace thing is housed by many people who like to be "fake" in their profiles, have pissing matches on how many friends they have, and other stupid stuff.
However, I think in a way it serves a small good purpose, it keeps you in touch with people that you wouldn't have much contact with that you were friends or cool with in the school years.. and moving to college breaks a lot of those ties up, myspace can keep them together.
I have a myspace, but I didnt bother filling out any of the garabage questions, and i keep it private from public view. I just use it to post stuff back and forth with people I don't have daily contact with.