That is certainly the question.
I must admit. I've been pretty reluctant in creating a Facebook account. I mean I already have a MySpace account. So why do I need another place to communicate with my friends? Well, after being mercilessly ridiculed for some time from my friends (yes, the same friends that I want to stay in touch with), I decided to create a Facebook account. Yes, I am a wuss/push-over. It seems that the majority of my friends have moved over to this new site (or at the very least use both).
So, what do I think? To be honest, I am not quite sure. Although, Facebook allows more access to each of your friends and who they are friends with. I feel that MySpace allows you to express yourself more by giving you the ability to design a profile page with pictures, music, etc. to your liking. I'll try to keep an open mind about Facebook for I am still a "newbie".
Who knows... perhaps in the end, it will be my networking tool of choice!