Relax people. Jeez. Put the computer in the living room and pay attention to what your kids are doing. IM and Myspace are no more dangerous than the rest of the world, which can admittedly be a scary place. But sheltering a teenager is not going to prepare them for the real world. An 18 year old or freshman in college can be just as endangered as a 14 year old.
My 14 year old has a myspace account and so do I. I am one of his friends so I can watch not only his board but his friends. I don't get too nosey, but I DO make sure that all the kids on the pages are traceable. So his friends in CA are friends his best friend made at camp, not random people he met on the internet. When I saw something concerning on one friends myspace I actually discussed it with my child then went to the friend I was concerned about then to his parents--it was nothing but this way we made sure.
And a 14 year old looking for a relationship with an adult will find one, internet or no. THe girl that just resurfaced after a 10 year disappearance met her captor at school for heaven's sake. All of this hair pulling and panicking over myspace is in my opinion an "easy button." "Oh, if we just don't let our kids on myspace they will be safe and I don't have to do anything." WRONG! And don't forget about the COLLEGE STUDENT who was murdered by someone from myspace (allegedly). Perhaps if there had been some education about the dangers before she left home this wouldn't have happened. Or maybe someone else would have been murdered that this guy stalked on the street.
The more parents panic and block access to one or two forms of internet communication, the more they will be lulled into a false complacency.