I found this wonderful article- "Viewing American class divisions through Facebook and MySpace" by Danah Boyd, and I felt myself very happy to have bet once in the past on LinkedIn, not on Facebook (that's becoming mainstream now so having no sense for Business Networking at all), for my personal/professional Network development!
And I've played with MySpace for 30 mins only, the day one a Head-Hunter contacted me for an interview there, and then I left that chaos. My profile/ needs from Networking are much different from one could get from MySpace indeed!
See it youself-
Over the last six months, i've noticed an increasing number of press articles about how high school teens are leaving MySpace for Facebook. That's only partially true. There is indeed a change taking place, but it's not a shift so much as a fragmentation. Until recently, American teenagers were flocking to MySpace. The picture is now being blurred. Some teens are flocking to MySpace. And some teens are flocking to Facebook. Which go where gets kinda sticky, because it seems to primarily have to do with socio-economic class.
And the article/ essay of Danah Boyd is here
http://www.danah.org/papers/essays/ClassDivisions.html
Keywords: Danah Boyd, Facebook, MySpace, Network Development, Social Networking, Business Networking