OK, I've been trying hard. I've joined some groups, looked at lots of profiles and waded through a ton of useless emails and spam.
Frankly, I've come to the conclusion that for actually meeting people interested in the same topics as me, sharing information and helping each other MySpace is a waste of time.
It comes down to two things. I've aready mentioned the problem of spam and fake profiles. This is an epidemic on MySpace and only a small problem on FaceBook.
The other problem is one of philosophy. MySpace is a playground, it's where you present who you might want to be, who you fantasize about being, where you play with pretty pictures and fancy graphics.
Facebook, on the other hand, is more about who you are. On Facebook people seem to show their real side. If you try and show yourself as something more (or less) than you are then your friends will post comments and jokes to your Wall and other spots.
Facebook's Mini-Feed and Newsfeed also show others what you are really doing across the site. The clean, clear interface allows people to quickly find information about who you are and what you are up to. MySpace allows for profiles that are cluttered and difficult to navigate.
So I see the two sites competing in different marketplaces. MySpace seems perfect for high school students and those who want a fantasy life. When you want to grow up and join the real world, actually connect with people across the world, share your interests with others then you'll graduate to Facebook.
I also think the two different markets make for different opportunities. MySpace might be perfect for marketing music, movies and TV but I doubt people will be able to charge money for applications or virtual currency in applications. That's where Facebook will be a better place.
Add up all those things and I don't think MySpace is the place for me.