The mobile web version of MySpace lets send and read messages and comments, update your mood and status, browse photo albums and profiles, view videos that you have added to your profile, find and add friends and read and post to blogs.
I'm a little disappointed that it doesn't really exploit MySpace's collection of over 20,000 music videos on band pages. There is no way to search or browse videos with MySpace mobile and you can't even see the videos on friends profiles. To watch MySpace videos on the mobile site you have to first use the full web version of MySpace to add each video you want to watch to your profile. That's really cumbersome. I don't understand why MySpace hasn't done more with video on mobile. I'm sure MySpace would like to search, browse and share videos and view the ones on other users profiles using the mobile interface like they can on the full web one.
MySpace uses an email address as your login ID. Like Facebook, MySpace's whole architecture seems to based around the email as ID, it would be almost impossible for them to change at this point. But as I've said before, email addresses make lousy mobile ID's . For the mobile edition, MySpace could follow Blogline's lead and allow users choose an easy to type alias as an alternate login.