Don't worry, Facebook sucks too. Especially all the stupid time-wasting applications. Although it does offer a centralized place to share your last.fm and other places if you use them, instead of having to have different profiles scattered all around the internet. I like that aspect. But this isn't Myspace slobs v. Facebook snobs.
95% is not an exaggeration. Since I never actually used Myspace except to communicate with people who still use it for some reason (an ever-shrinking number), for the past year, EVERY time I would get a message it would be spam. So I have just turned off all of my email notifications. But turning off my email notifications makes it so that no one can use the thing to actually get in touch with me. So my profile and picture now just say that.
And I think the fact that Myspace gives people the ability to customize their websites is a terrible thing. In the first place, it was a bug. Inserting random html into your "favorite books" field or whatever in order to affect the layout of the page I don't think was intended. And most people shouldn't have the option to make their profiles look like butt. I read once that people were attracted to how ugly most Myspace pages are, because it's not intimidating. The same explanation would apply to Geocities/dancing baby sites of the 90s.
Some bands and stuff use Myspace as a substitute for a regular web page, which is fine, and the ability to have a custom pseudo-domain is cool, but free hosting isn't really what social network sites were supposed to be about. I don't want to go around "friending" every last band I'm interested in.
Anyway, here's my prediction: Myspace as we know it will die but its brand will live on, like Napster and AOL.