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I have tried both but gave up using Myspace and now only use Facebook because it just looks cleaner and more professional than Myspace. Also since most of the people I know have moved on to Facebook there is no reason to stay with Myspace.
You can definitely be successful online but don't believe the become a millionaire overnight stuff. Set up a website and find a great product to promote. It must be one you believe in 100%. Always offer your customers good value to keep them around and build a mailing list. You need to build a long term relationship with your customers and not just look to make a quick sale and run. People will continue buying products from you if you continue to nurture a relationship with them and be honest.