I use myspace because I can find old friends that way, read my friends profiles, leave comments, etc. But in all actuality, I think it's a crappy site. Sometimes I have to log in a few times before it actually works. It says I have messages when I don't. I find the banner ads obnoxious and intrusive. I especially despise when people try to get too designy with their profiles and use horrible colors, broken CSS and HTML which crashes my browser. Same with when people have a bunch of videos on their profile. Drives me nuts. Not to mention these people with 4000 friends who try to add me (usually guys who think they're pimps or scantily clad 15 year old girls).
That said, I think it's an extremely poorly developed site with a lot of irksome people on it...yet I am totally addicted!!!!!