The comments are worth reading, though there are too many to read them all. I'm glad I noticed this one-liner as I skimmed through, though:
"MySpace is ugly because people who use it are ugly. Please send me all counterexamples."
Funny. Obviously, I have counterexamples: Deborah and most of her friends are not ugly, yet they use MySpace. But why ruin a good quote?
I think I can look past the design; MySpace both fascinates me and horrifies me. But I think my biggest concern with such popular sites is the way they create lock-in and silos. A large proportion of people no doubt join MySpace, MSN Messenger, etc. because their friends are there. What happens when you want to use something else? RSS/Atom feeds are a good start, but more is needed - like the ability to include certain friends in a group based on their OpenID. Hopefully Vox will do this.