I think that's why MySpace fell out of fashion. While the customizability was fun, it was done in such a way that made the pages loud, tasteless, and annoying. Facebook looked clean, simple, and more professional, and was appropriately much easier to read. But MySpace still ranks 29th in traffic in the US and 48th worldwide. Perhaps most importantly, most of its traffic is from the US. It's not facebook or twitter but there are still a ton of people using it. Whether or not it's useful for website promotion or business purposes probably depends on what your niche is. A lot of musicians and local bands still use it effectively though. It may be an under-utilized resource simply because it's falling out of use, so people ignore it more than they should.
I never use it now or earlier, but some days ago a friend ask me to open myspace and it has a good design, i've account there but no use and forgot the password as well.