It's actually easy to find bands by doing a search function. Myspace gets very detailed...it is perfect for cyberstalking. Bands can also search for groupies, and vice versa...
The other thing I notice is that most of the people on there actually know each other offline-about 90% of the people in my personal "friends" list are real friends.
In my band's profile, we have about 900 "fans" and around 2500 plays since we officially launched the myspace a few months ago.
The trick now is, turning those "fans" into real people at a gig. The word is out, following up is the key, I guess.