Deppends for me.

I find that myspace has brought music to me that i would never of heard simply because of the size of it and the way the freinds system works. Its made it easy for me to find other artists due to thier picture being on someone elses page. Yeah, the self promotion thing sucks sometimes, but not everyone using myspace is a attention seeking self promotiojn whore with only thier own interests at heart.

I think its good that people with very little web experience can have access to something like this for free. Just my 2p.