David Teten has a recap from Shawn Gold, SVP of Marketing for myspace. There's some interesting bragging points on David's post. What I find most "RIGHT ON" is Shawn's take on how to market through myspace:

MySpace allows brands to become living, breathing entities that consumers can interact with.

Best brand programs tie into self-expression, facilitate connections between people, or is centered around the discovery of popular culture.

87m stories in the database, and a lot of that content is professional. Every Nightclub, every major Christian band, every celebrity brand, is in the database. They're now slicing the database by professional type, e.g., if you want to reach all the comedians.

Basic idea of marketing: "Tell a Friend"

This approach is a bit different than the approach they seem to be going, though:

In a desperate attempt to shelter advertisers from its community, MySpace is creating walled gardens where advertisers can feel like they are advertising on MySpace, even though they're really not.

Myspace has to figure out how to get advertisers to use Myspace to talk to Myspace members, interact with them and program stuff WITH the members. Not just near the members.