Personally I enjoy Myspace. We have a music festival and my wife is on the committee that lines up performers. She uses it often for preliminary screen. Often someone on Myspace will have a real good band backing them up and what you hear isn't always what you get.   Youtube is a bit more helpful and when possible we try to go see performers in person.   I have noticed the same thing with my own Myspace though and do not get many hits anymore unless I mention a new song to some of my friends usually on Facebook or via Email.   

How do I get to your Myspace "Jack the Sailor" would be glad to give it a listen.

Cap't Bob