Yes, I've spoken about this idea of social networks. It really is a tough nut to crack. I never used Friendster or myspace, as I prefer to extend my own network through the blogosphere laced with web2.0 attributes(aka folksonomy).
The author would get more sympathy if she didn't refer to 'Linked-In' users as "brown nosers" or kiss asses... To the contrary, some of those ex-Friendster have grown-up and decided to join a professional social network. I see nothing wrong with that choice at all. I'm not mad at the gang of people that flocked to myspace. Whatever works for you, but all professionals aren't brown nosers.
The premise is that myspace could fall victim to the same ills that subdued the Friendster.
Despite the phenomenal growth of myspace, I've never been tempted to setup an account. Probably because I always viewed it as a place for teens. After doing a bit more research, I discovered that it really is spot for indie artists and bands. The author asserts that its a place for everyone without discrimination.