Myspace is just a fad. That site will be dead within the time something else comes along. The internet is just this generation's most advanced way to communicate. When the internet advances faster than myspace, that will become history. It has advantages and disadvantages, just like kids 20 years ago hanging out at malls, arcades, and such. There could be a whole new way to communicate by the time I have teenage kids, and that thing could be even more controversial than myspace.
As for my opinion of myspace, I kind of wish that people would communicate in person more. I've always wished that I could communicate in person more often. Pedophiles and bullies still are at malls, parks, and even in schools too, not just the internet. Pedophiles, along with cyber bullying can also reach AIM, email, MSN, forums, etc.
The creation of myspace doesn't please god, but a user can use it to please god. For instance, they could hold prayers by posting a bulliten, like what someone ele did here, or they could put into their bio or whatever praise about God.