I have both, but I personally like Facebook a lot more. It's cleaner and better-organized, once you get used to their system (which, admittedly, can take a little while). I find it easier to stay in touch with my friends on it through FB Chat (as I reserve MSN for only my closest friends, this lets me IM the other people that I know), status updates (kind of like twitter, only you can comment on them) and the Wall (public comments left on friends' pages). The main drawback is that people will spam you to join various applications on Facebook, however, you can just block those requests.
Myspace, I find, doesn't have as many useful features for getting in touch with people. It's alright if you want to design layouts for yourself, but personally I find deviantART to be better if you're a graphic designer.
My advice? Try both out for a couple weeks and see which one works better for you.
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