Hi Tim,
IMO Myspace is a fantastic tool for musicians, I don't know how life worked without it!
However it's no substitute for word of mouth. Once you're 'out there' you should have plenty of gigs - We normally play with 2-3 other bands on the bill, so generally get introduced to 100+ bands per year, hence we're never short on offers for gigs!
Anyway, my advice is just get the best recording you can afford, this will also involve the begging, borrowing and stealing of what ever musicians you need!
Definitely get some decent photos up, a lot of people that look at your profile will either be at work: with no sound card, or need it set to mute, or on a phone that doesn't support Myspace player. They will just have your pic and your description to go on...
Also, keep it simple. If your page takes ages to load people will just click 'Back'. And never, never put pink writing on a lilac background!
Look forward to 'Befriending' you!
P.S please feel free to check mine out below (NoPlanB.info) although as always it's in need of updating!