The good news is that if they are not found liable then it will set a precedent. This sounds more or less like a fairly weak case to me. I wouldn't be surprised if far nastier things have happened on MySpace.
In my short time on myspace I can say a huge proportion of myspace is under 18. I thought their measures were fairly reasonable, I probably wouldn't have signed up if it needed my credit card and at the end of the day its the internet for god sake you can find videos of women having sex with horses (pm me for url...jk). I would say 50% of the people I communicated with were under 18 which does make me wonder why MySpace don't do something more about if only to stop litigation like this. I don't think they are at fault here but its definately true that they turn a blind eye to this sort of thing. I mean there were people who had written "btw I'm 16/17 I lied about my age to get on MySpace" in their profiles. They can see every god damn message sent through their system they can stop this quite easily.
The internet has far bigger problems right now than sexual predators. Its two of the four horseman of the information apocalypse (child pornographers, kidnappers, drug dealers and terrorists) that the government and media are using to keep you not thinking about the bigger issues - such as the evidence that the NSA is now funding research into mining MySpace and other social networking sites for the purposes of profiling:
http://www.newscientist.com/article/...mg19025556.200