Social networking analyzed by a UC Berkeley PhD student.  Bottom line of her thesis?  While MySpace continues to be the social networking destination for kids on the fringe who may or may not have any interest in college, Facebook appears to be growing into a site filled with college-educated, "upper"-class users:

Most teens who exclusively use Facebook are familiar with and have an opinion about MySpace. These teens are very aware of MySpace and they often have a negative opinion about it. They see it as gaudy, immature, and "so middle school." They prefer the "clean" look of Facebook, noting that it is more mature and that MySpace is "so lame." What hegemonic teens call gaudy can also be labeled as "glitzy" or "bling" or "fly" (or what my generation would call "phat") by subaltern teens. Terms like "bling" come out of hip-hop culture where showy, sparkly, brash visual displays are acceptable and valued. The look and feel of MySpace resonates far better with subaltern communities than it does with the upwardly mobile hegemonic teens. This is even clear in the blogosphere where people talk about how gauche MySpace is while commending Facebook on its aesthetics. I’m sure that a visual analyst would be able to explain how classed aesthetics are, but aesthetics are more than simply the "eye of the beholder" – they are culturally narrated and replicated. That "clean" or "modern" look of Facebook is akin to West Elm or Pottery Barn or any poshy Scandinavian design house (that I admit I’m drawn to) while the more flashy look of MySpace resembles the Las Vegas imagery that attracts millions every year. I suspect that lifestyles have aesthetic values and that these are being reproduced on MySpace and Facebook.

Let me add my two cents: MySpace really is lame.