MySpace used to be the it place for social networking, but I've found to enjoy Facebook more. People on MySpace seem to have 10's of thousands of friends and just go through adding people they don't know as their friends. In contrast Facebook seems to be the more Anti-Myspace, where the friends you add are really people you know.
MySpace has taken some notes from Facebook and added some neat features recently, like a newsfeed that keeps you updated on what is happening with your friends (ie. they add pictures, change profile info, etc.). They have also recently launched a new layout design that users can choose to use instead of the classic design allowing more customizable page layout features and additional funtionality.
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