Has it not been closed down yet? I personally find the catch-up companies like MySpace undertake quite interesting, because much of what those companies do is copy and not that well.
All that does, in my opinion, is vindicate the decision of those that have left. Like, "hey, we can see you've left so now we'll make ourselves more like the place you've gone to, therefore we're inadvertently showing you that we like them, want to be as good as them and they have the better site."
My favourite though was FriendsReunited. If they were free from the get go, I'd have thought they'd have been up there with FB. I think their boat was well and truly missed.