battle of the networks
interesting angle on the contrast between the two, from a not entirely unbiased source:
facebook is pretty cool, but it's like a utility. MySpace is more about media. We connect different cultures, different interests, from all over the world.
this sounds vaguely credible to me. MySpace is a much richer, culturally dense, and tactile environment. Facebook is elegantly designed and very useable but lacks a sense of place, somehow.
What's certainly true is that both will be sticking around for quite a while and will compete with each other on the basis of their underlying strengths and appeals, and will not (as many an overheated media consultant will tell you) dramatically implode or explode depending on what 'the kids' are into next month.

