The internet is a scary thing. Whether you're careful or not, its still dangerous. I don't think there's anything wrong with a website that you can talk to your friends with, etc. if you're safe about it, but I am NOT a big fan of myspace.
Do you want to know how much time is wasted over myspace? Ok, granted you're not nearly as obsessed with it than CD

, but here, there are adults and students regulating and keeping things safe, but even then, its not completely safe.
Its not just girls younger than 15 putting "revealing" pictures of themselves on their space...I couldn't believe how ridiculous some of it was when I was looking through one's of kids I know. And I'm talking high school seniors and juniors...where you're almost 18.
I'll never forget what my friend, a silly programmer said to me...how he even scared himself of how easy it was to find things out he shouldn't on the internet. Parents need to find a way to explain to their kids how unsafe and unstable the internet can be.
Of course...that's just how I feel.