Myspace can be a good networking tool. For instance, I have added friends to myspace that I knew from before. But, I can see their friends too, and I have learned about some amazing musicians by looking at the friends of my friends. And lots of people have learned about me who would never have known that my website existed, regardless how cool it was. Great place to make fans.

It's also a way to contact people if you don't have their personal contact. For instance, I was doing a gig a couple weeks ago with a drummer; and for whatever reason we didn't get around to swapping cards. So I checked to see if he had a myspace and sure enough, I can now contact him whenever I like.