I have both.
Facebook comes in handy in hunting down phone numbers and contact information that I'd otherwise have no means of obtaining. I don't use it for much more than that though. There are so many worthless applications and "important updates" on it, that I can't weed through the countless piles of shit staring back at me.
MySpace I use more frequently as I find it quicker to navigate and have fewer oodles of junk to sort through. I also use it to keep an eye on music that I would otherwise have no exposure to because of where I'm located, and that's my primary use for it.
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