For my sins I have been commissioned to design a number of myspace profiles.
I have mixed feelings about designing for my-space. I like the design part of the process for two reasons.
Firstly it is not that hard to look good on my-space. With so much eye bleeding design anything that is even only slightly thought through will look great compared to most profile designs.
Secondly I enjoy trying to get a different looks and feels within some very tight boundaries. Every profile has one page that must contain certain elements and within a general layout. Having very strict guidelines like this gives you a different set of challenges, and so pushes you in a different direction.
The thing I hate about designing for my-space is the insanity you have to endure while trying to code your design into a system that was never meant to be customized to the degree in which it has. CSS is great but only when the html is there to go with it.