Lets put it this way. Myspace can deliver enough traffic, to easily make a dr.'s salary using pop-ups alone. I would be leading a lot different life right now if it weren't for good 'ole myspace traffic. About the links: Up until recently, my tests showed the myspace pages did pass pagerank. Then, they basically put code on the site that "discredited" the link if you will. There are many myspace profiles that are PR7. Links from a pr7 are worth a lot of money
sure, a bit of backlinking, a bit of PR (in the sense of getting the word out about my website). But now only the second reason is worth something again, because they changed the links back to redirects.
backlinking i dont think was ever hugely successful on myspace but getting clicked in traffic is decent on the right profiles. notice all the spam on tilas comments? it used to be useful but now anything you post is gone in seconds, she has millions of friends and most are fake profiles for spamming. i hate myspace.