Well the way I originally viewed it as a way for students at high school and universities to get together. The whole point was that it was school-specific so like if kids in an account class had an exam coming up, they could get together online if they couldn't meet at the library, and discuss the exam/study. The commercialization of myspace is appalling, I mean freakin' car dealerships and video game stores have myspaces. The other thing is the the groups. I've lost count of the times on car and fish forums I've read about people starting clubs on either of those two sites. WHY!?!?!? If you go something to say, say in on the message board.
As far as meeting people, I just don't understand why over MyS or FB (other then the fact everyone and their brother has an account). Join the school's alumni society. That's what it's there for...