In a comment on Jeff Clavier's blog, Jim Scheinman from Bebo clarified their traffic stats:

Much of the confusion in the #s above (and frankly in many blog postings) about Bebo's and other SN site #s come from the mashing of various data sources. So, for example, while Bebo reported 2.5 Billion monthly page views (and we're actually just shy of 3 Billion now), we never reported the 1 million unique user #. In fact, I'm not sure where that came from, but I suspect it's a Media Metrix/Comscore unique user # for US members only. Our internal data shows that Bebo overall has significantly higher unique user #s, and you can do the research to see what 3rd parties report our monthly unique user # to be. Bebo's key markets are the UK, IE, US, CA, AU & NZ which comprises almost all of our traffic.

Pretty amazing stats. I've logged in to check out Bebo and although the design and usability is a lot sharper than myspace, they don't seem to have much more going for it on a functionality side. They do enable users to create quizzes that their friends can take and supposedly users can stream their web cam. But, I didn't see how to do that. Also, they have Skype integration for chat and voice calls. Ok. Nevermind. They do have a nice set of features. And they have some impressive stats. And they seem to be a player in the space. Now, with a big chest full of cash, I imagine they'll be steppin it up even more.