In my mind there is no real battle between Facebook and MySpace.  I have accounts at both, but put my focus on Facebook.  Most people are on it at this point, so there’s no real need to go into much depth about how great of a tool it is.  I use it more for keeping up with friends than for business purposes.  I have attempted to use it to spread word about some of my projects like Remote Restore and Magic Flash Drive, but I’ve never had too much luck there.  I actually got kicked off Facebook one time for soliciting someone to help me spread the word!  Talk about an all time low!  It was a terrible feeling to know that I lost all of my friends.  Thank God it was only temporary.

The 2nd Web2.0 site I keep up-to-date is LinkedIn.  LinkedIn has much higher rate of professionalism.  You can find CEO’s of companies on the site frequently.  This can be a great tool for a sales person to get a way in the door.  

Finally, Twitter is the newest tool in my arsenal.  It’s basically just status updates, but you get to build lots of value for people…if you choose to.  Many people will write that they are just “going to the grocery store” or something of the sort.  This information is all fine and well, but people like to be intrigued.  If you watch a good movie, read a good book, or just have great advice that you would like to share, Twitter can be a huge resource for you.  Within 2 weeks, I’ve had people asking me about more details about what I’m promoting and so forth.  It’s an extremely powerful tool.

Finally to keep all of this going at once, I recommend using a tool such as http://www.hellotxt.com.  You can update all of your statuses for all the sites with one click.  Pretty nifty if you ask me.