Now, as much as I'd hate to derail this well structured, awesome thread,
Quote: "Seriously, the only thing that makes Myspace un-safe are the people who use it without attempting to conjure any sort of common sense. It's no less safe than any other community on the internet."
Flaws in Myspace code
Myspace Attempts Blame Shift to Apple: A QuickTime movie used to redirect a user to a phishing website was used by many scammers. Myspace blamed Apple for the flaw, when in fact the problem was on Myspace's end.
ANYONE Able to View Private Profiles: A URL hack was discovered that allowed anyone to see private pictures and profiles without having access as a friend. The exploit was fixed once Myspace heads discovered it, though it was known in the "underground" for several months.
General Security Problems
Phishing attack hits 3000 pages: One of dozens of common phishing scams appears on 3,000 Myspace pages. Again, if you're not smart enough to recognize a phishing scam, don't use Myspace!
Flash Based Redirect Exploit: Using a legitimate feature of Flash movies, scammers redirect your browser to a phishing website to steal your login information. According to this site, " If you are signed into Myspace, and you go to a friends page, and then find yourself redirected to a blog post containing a diatribe about how the United States government is behind the 9/11 attacks, then your account has been hacked, and everyone who visits your page will be infected!"
Hacked Ad Seen on MySpace Served Spyware to a Million: A Windows exploit was used to create a hacked ad which circulated to Myspace's users, successfully giving upwards of one million users spyware.
Stalking / Sexual Predators
Boy's Myspace prank results in sex crime arrest
Girls sues Myspace for getting her assaulted
Former Student Admits To Killing Internet Date
I can easily go on.