I don't know if it's do-follow, but even if it is, the backlinks from it would be pretty worthless so I wouldn't put much effort into it. -Danielle
way back in the day before the started re-directing links... you used to be able to ssnatch up abandoned myspace profiles that had PR ....
All outbound links on myspace are now directed to a third-party website before the final destination, so the answer would be no, link building on myspace won't help you unless you have a really targeted audience and you are going for natural traffic from those people.
I have tried this method, created a fake myspace to generate links out of - added about 500 people and then posted heaps of comments on people's walls to get the links back into the page and it did nothing. I have seen some people with PR's on their myspace, but again the links coming out of their pages work correctly, before the nofollow links were enabled.