I take advantage of the "hosting" of that thing- it is a fine place to share new stuff I'm workin on without having to contact everyone separately. I do NOT "participate" in anything myspace-related tho, like all that crap that folks like to do, surveys and all that crap- my "buddy list" is all folks I actually know, besides a few fave bands (I am a die-hard Metal fan and even online much of my fave music is poorly represented- tours and shows can be slapped together overnight, albums only released in certain countries- being in touch on the "myspace level" with that sort of thing is good) and a few clever joke accounts (like "unemployed Skeletor", who actually puts some good work into the pages to make it funny most of the time)
I turn down pretty much any unsolicited thing I get on there tho, and I honestly don't even look at it more than once every two weeks unless I'm anticipating some kind of news. Tha attempts at data mining and stuff are painfully obvious, and I have more han enough actual friends that I don't need to "collect" morons like trading cards