myspace is a good site if you are looking for a marketing site. good and bad are but comparative terms and depends on what one is looking for.
Yes Myspace are still much more effective for the promotion of the websites over the search engines. But you need to know about the marketing techniques which are required for the promotion of the websites over there.
Yeah if you're a rock star... But if you can't play wicked guitar or suck at the keyboard than I would stick to FB or twitter.
kind of like friendster is super popular in the phillipines, orkut has quite a reach in Brazil. ...at least that's what the CEO of Google said to his shareholders in the last keynote address.