Myspace is a waste of, well... space. It's a place for idiots to join and blog. Create your own sites, and then ask Llamaman to "sponsor" a blogging community. Much like http://www.andfreeporn.net (No, it's not pornographic, just a ploy to get perverted users to read our opinions).
I was always skeptical about myspace when all my friends had it but when I got it I really liked it. It's fun to just comment on peoples pictures and stuff. Communities are cool too!