I reckon it would be a great (free) way of getting a whole lot more exposure for the band and the album, and especially as you guys work on the new album...
It would probably be able to contain just as much info as your actual website, possibly more, without much effort...
Anyway, it's up to u guys, just an idea, do with it what u will...
I tried to register myspace.com/spiralarchitect but got an error. I emailed myspace and they said they were going to fix it. A couple of weeks went by and I didn't hear back from them (still hasn't...) so I checked the url again and now some guy had taken it as his own. Duh!
Maybe do something like myspace.com/officialspiralarchitect or something, OR you can report that person for identity theft and reclaim the url... I know of a few other bands who did that. Some people are pretty stupid with taking other peoples names...