Myspace is about whoring. Pure and simple. Groups and businesses and bands use it to attract sheeple, and proceed to advertise on each others' myspaces through the comments page in order to try to get the attention of other sheeple. It's actually quite effective as a promotional tool, if you know how to use it.
Of course, if you use it to promote yourself and you don't have anything particularly worth promoting, you're setting yourself up to deal with the worst set of asshats since Livejournal.
So it goes. Anyhow, it -could- be useful... but Myspace has been deleting a lot of accounts lately, and there's a fair chance that a dedicated paysite affiliate could start up a series of complaints to Myspace to get it pulled:
http://www.myspace.com/Modules/Help/Pages/HelpCenter.aspx?Category=3&Question=31under the 'we have the copy-right and these people are E-VIL!' clause, like how they try to get people's Internet access and web servers cancelled at times.