We have a lot of MySpace "friends" but when you factor in that most of them are:
1) Other bands, many that are signed, and even more that are falsely represented
2) Porno spammers
3) Ringtone/Software/Coupon spammers
4) Attention whores
5) Whore whores
6) And more whores...
The list of actual fans who support you begins to dwindle. I think that MySpace was a great idea with poor execution. New sites like Virb have the advantage of being able to learn from MySpace's mistakes and do better.
I am infinitely more excited about sites like Virb and Eventful than I am about MySpace. It seems that a lot of the true music fans are leaving MySpace for other, better places, myself included.
Being big online counts for a lot, and I'm stoked that we're doing well on sites like MySpace and GarageBand.com, but it hasn't really translated into CD sales or anything like that. If I saw another band with similar stats to us, say a year ago, I would think "wow they must be selling a ton of CDs" but it's really hard to monetize that these days...