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Facebook is along the lines of "bring your own network, and we'll help you expand it via friends of friends".
Myspace was great for finding random chicks to bang. But I'd have to say Myspace had a ton of flaws, and was really a miserable user experience. A very common occurrence was to get an error of "An error has occurred" when trying to view someone's photos... when it worked fine 10 minutes earlier. It was similar to the problems Friendster had before everyone stopped using it.
Oh and I love Timeline...
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