Yeh spot on. Myspace sucks rats balls. You dont have to be part of 'the epileptic generation' (wtf IS that anyway?) to find the average ridiculously-arranged, flashing, dark text on dark-background, blaring-music-starts-playing-as-soon-as-you-land-on-someones-profile-page myspace page a horrific experience. And anyone that knows anything at all about user-friendliness, human-interface design, or web design knows that myspace basically sucks.
Facebook is teh sex. I'm rather addicted to it of late so biased, but as i have had quite some success converting uni friends to it, it will definitely be the tool i stick with. Will post (long) list of reasons why its better later, but hell, even just the user-interface and the fact that its not full of bleeding emos makes it better.
Edit - Carolin, i agree that Myspace can be good for finding/tracking bands esp indie, but to be honest i have a bunch of friends all with great, eclectic taste in music, and i go to them (in like, the real world, ya know. them being real - not myspace - friends and all) when i want to discover new music.