I got rid of MySpace. It's just such a horribly designed site, and none of my friends use it. There was no good reason to have one, and I kept getting friend requests from porn sites-- oh sorry, I mean young, attractive women who were eager to get me watching their webcam videos...
Facebook is less lame, mostly because while all the kids are doing it too, there's less customisation of profiles, so there's nobody can show that they think pink and yellow are cool colors to write text in.
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You see, it's spelled "Luxury Yacht", but it's pronounced "Throatwarbler Mangrove."
I have both and I like facebook a lot better. But I keep the myspace because it is a good tool to keep in touch with people. I haven't changed my profile in a long time though.. facebook is much better. way less crap.