Location: USA, IL
Review: Facebook is a lot safer
Even if it is on low privacy nobody outside your network can view your page and if someone friend requests you then you can put them on your limited profile till you know who they are.
On myspace you can look for anybody and see their profile (unless it's set to private obviously) but on facebook you cannot. The only way to see anything on their profile is to add and be accepted as a "friend" first.
It's safer and there are fun application. Myspace does not have applications.
The best you can do on facebook is to view who is on a particular person friend list.
The last thing I like about facebook is it helps me keep in touch with old friends from AGES ago.