You don't really need myspace if you have an actual site.
Facebook is more the fun side of it. Friends and fans can write on your wall, have discussion in the forums. You can post pictures and videos. Create gigs as events. Send out reminder of gigs. People can sign the guest book saying they are coming to the gig. etc. etc.
I've only been on for 3-4 days but having fun with it already.
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