I'd ignore Tom's advice above and steer well clear of myspace at the moment, last time I updated the Bounty Hounds myspace page I lost the will to live!
Agree totally with him about some of the rubbish people post on FB, but a huge number of performers do use FB as a means of promotion and networking, and just giving fans/friends an update on what you have been up to, so you will have to expect people to use it as a promotional tool as well as a means of sharing information and ideas.
Well done with the page, look forward to seeing it develop
John