Firstly, I'm a part of the myspace community which thousands and thousands of people are now a part of. It allows users to keep in contact with one another. I've spoken to a few fellow students about myspace and what it allows users to achieve. Some are fans and some really dislike the community. Some of them don't really appreciate it because they feel like its a waste of time building a page that you're only going to have the time to view once in a blue moon.
In some ways, this is true, unless you have already made time to search for friends and family who are a part of it.
Creating your page can be quite time consuming, but in my opinion, if you do take the time to get your page to how you want it, it can be quite enjoyable and beneficial, as it allows you to keep up to date with activities such as social events, birthdays and genaral 'chit chat'. It even allows personal blogs to be uploaded so that fellow users can view how you express yourself and add comments and personal views about certain topics.