Many of my friends and acquaintances have accounts on My Space, or Face Book, or one of the various other social networking sites. I do not like these types of sites nor do I have accounts on any of them, here's why. Personally it doesn't make sense to me that the ultimate way of expressing oneself on your My Space page is by posting everyone else's copyrighted content. These sites post ads to their users' pages and the user has absolutely no control over what ads are there or what they are endorsing. There have been numerous confirmed reports that supposed "private" user profiles and information have been compromised and distributed all over the interet. Now "My Space" is everyone's space. Lastly these sites greatly increase your exposure to malware and supposed "hot girls" that want to be your friends. These are clearly scams and often great security risks.
My advice if you want some "space" on the web create an account on a reliable free web-host that does not put ads on your pages, learn a little html, and post whatever you want. And no, Tom, I don't want to be you friend.