There are pros and cons to using MySpace.  It certainly depends on who you talk to about the site but here goes:

Pros:  MySpace is a place where friends can meet and talk about plans, events and social activities.

MySpace allows people to express themselves and say what they want to. 

My Space can be a relatively safe place for older teens and young adults to share information about themselves and to meet new people.  People can share their views, interests and passions.