BACK IN MY DAY... *headshot* Even though I don't have it, I find Myspace extrememely lulzy, seeing loads of chavs post pictures of themselves with the caption, "OMG AM I FIT OR WAT". My Brother uses it to search for "Good Music Material".
Only reason I even go to Myspace is for what was said... music. Most of the bands I listen to have 'em and usually have new songs on there.