I like my Myspace page perfectly well, thank you very much.
However, you do have to use a bit of common sense. Don’t add people you don’t know, and just in general don’t be stupid.
Personally, I have my profile set up as private, so the most anybody can see is my first name only and my picture , which isn’t of me, and a fake location, unless I have them added as a friend. I have no pictures on it. You can only comment me/contact me in any way/add me as a friend if you know my email address, which few people know, or my last name, which I do not have on there.
Plus, after all that, I don’t put any personally identifiable information on there, even though just my school friends can see it. Who knows, maybe one of their accounts could get hijacked?