I’m thinking of deleting mine and replacing it with a personal page with some of my music on it. Traffic is miniscule compared to a few years ago and I rarely receive correspondence through it. AFAICT myspace has died for most small artists.
I think part of the problem is the fact that they took away the ability to download MP3s and so many artists with myspace pages don’t sell their CDs/MP3s elsewhere, either. As a fan of indie music, I don’t really have much incentive to check out the pages of bands who don’t make it possible for me to aquire their music in either fashion, and there seem to be a whole lot of bands like this.