I'm not a "MySpacer" at this point, but aside from the flocks of kids who use the service, I've found quite a few interesting musicians (these just from this morning's trawl). A few local soundheads I know post there too.
Anyway, I just came across a few references to MySpace's recent change in terms of service, post- Rupert Murdoch acquisition. If you post your music there, it might be worth checking into what I've been reading lately in a few different places.... which is, essentially, that MySpace owns your content.