My use of MySpace is for the music connections. It introduces me to new bands and connection to old ones I like, that's all I use it for, when I even use it at all.
I don't personally feel a need to have a page that's 'me'. The only 'me' site is my journal and that's for me, I don't advertise I have one to my friends for them to read. I find it easier than keeping one on paper. Back in the day, with the rush of the personal homepages, even then, I felt I have enough trouble explaining myself in person, trying to package myself into a colorful box of flashing lights doesn't feel possible, not to mention my nearly anti-attention whoring and private nature.