I'm not into MySpace. Too old, not into pop music, etc. etc. But in a major development, Fox paid big bucks for MySpace's parent company. PaidContent.org has a great wrapup of the deal's details and implications. Those people do not sleep.
On a contra note, Danah Boyd connects the dots on the dissent commodification at work.
NeoPets, Flickr, Bloglines, del.icio.us, MySpace: if not a trend, I smell a trend story. The money's back jack.