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I think that MySpace is probably giving its members what they want, but that doesn't necessarily means it's what advertisers want. On the other hand, I've read (on bizSugar) that Facebook is giving advertisers what they want, but not the members.
It will be interesting to see who wins.
Well being that MySpace is funded by advertisers paying them to advertise, would only spark a question of "maybe MySpace should provide some balance to both users and advertisers?"
Although I'm no MySpace Guru, user or advertiser, I thought the original story to be interesting.
I do agree with Facebook for the end user though. I am still trying to figure out the reason why people run to it. To me it's very bland (not that I'm huge on pimping out social sites), but they could at least give you a little room to customize.