eat light:

I have both and I use Facebook way more, primarily because half my grad school cohort is on there and it's a good way to keep track of what's going on in everybody's lives w/r/t the post-graduation job hunt etc. Myspace does seem way more ghetto and gaudy and Facebook is just a much cleaner interface. Facebook also does seem to have way better integration with other sites and apps. If it weren't for Facebook I probably wouldn't keep up with people that might be good contacts someday, so there is a value in it for me professionally. Don't know if that will really be true or not -- I guess it depends on whether everyone keeps it going or not. Right now, I probably log in for a minute or two every couple weeks so it's not like it takes a whole lot of my time. My profile is basically just my interest list from LJ so it didn't take a whole lot of time. So in the end, for me at least, there is definitely a net benefit.