ReadWriteWeb picked up the latest Hitwise numbers that indicate that Myspace is still way bigger than Facebook in terms of traffic. Depending on which metric you’re looking at you end up with a very different picture though.
I’ve only recently started using Myspace and I use it exclusively to listen to music. I don’t even have a Myspace account. I consider myself more of a visitor to the site than a user of the ‘social network’ Myspace. However I’m a user of their ‘DJ/Band pages’ and a consumer of the online music.
I’m a pretty engaged Facebook user on the other hand. I have an account with over 300 friends and log in about 4 days a week if not more. I change my status, send messages and post on walls.
My engagement and therefore user value is clearly higher on Facebook.
I think Hitwise could measure active accounts by looking at the subset of URLs that is only accessible when logged in and report that number separately from overall traffic to the entire site.