I personally don't get the Myspace thing. But Trev called it when talking about all the similarly set up sites in Korean and out that way that get insane traffic.
What I mainly don't get it about it is knowing what exactly it does better over similarly structured ideas that failed. A la Friendster.
From what I remember/know, both basically allow you to create lists of friends and have a personal webspace of your own. Friendster was insanely popular, but is now virtually dead from what I can tell, and certainly didn't get bought out for several hundred million dollars.
So speak up those of you that use this thing, what's the deal with Myspace? What do you get out of it? If you read this Aaron, tell me what you think is horrible about myspace in terms of how it could be improved.