What's the deal with MySpace?

What the heck is with MySpace? It seems like every person under the age of 30 has setup a MySpace page. I remember 10 years ago when I set up my own website, leonfu.com, everyone thought I was crazy or super geeky. Now everyone has one, even those that don't know anything about computers. I'll have to do some research on this and set one up, even if just to point to this blog and my own website.