Speaking as both a musician and a radio host, a) annoyingly most radio stations, record labels, magazines ask you specifically for your MYSPACE page as opposed to your proper WEBSITE address, and b) a huge proportion of bands and artists ONLY have a myspace page which they use as their website because they can't afford a proper one-
So I'd say Myspace is very important to at least one very large sector of people, yes.

Edit- and facebook is an unnecessarily complicated, stupid annoying application ridden load of rubbish. I have to have a band page as well as a normal page and it mashes the whole lot onto my screen so I can't tell what's what. Hopeless unless you're a bored teen imho.