As a user of both MySpace and Facebook (as well as a few other social networking sites), I agree with Jimmy Wales:
Facebook, not MySpace, will be the long-term winner among the social networking sites, says Wikipedia co-founder Jimmy Wales.
Mr Wales, in Adelaide yesterday at the start of a week-long Australian lecture tour, said Facebook was "actually useful" while MySpace was "horrible".
...
The value of Facebook is in its design, Mr Wales said.
"I think Facebook has a long way to go," he said. "It is really an interesting phenomenon and they really seem to know what they're doing. Facebook doesn't abuse their customers the way MySpace does. MySpace has so many ads blinking and flashing in your face, it's so horrible in every respect. Facebook has some ads but . . . they are in an appropriate place and they're not obnoxious."
Read more here (from the Sydney Morning Herald).