Blogging is one way to increase traffic to your site. Better yet, however, would be a blog that is part of a community, allowing you to link with other companies as well as your customers. MySpace is such a community.
MySpace allows for sharing news and information among a wide variety of people quickly. Better yet, it is set up like a community, allowing people to find the sites that they like, and set up a link to those sites. Thus, friends can receive messages from other friends, as well as from organizations.
Including putting information regarding your business on your site, you can also lead people to other sites, such as your homepage. Also, you can put up commercials, the company jingle, and photographs of your product, both being modeled and in actual use. You can also offer desktop wallpaper, as well as coupons for specific products, and other promotional materials (such as icons for instant messaging or fun pictures of your company). All of these extras build up confidence in your business, and this is a great thing for your business.
In short, your MySpace account can do your business a lot of good, and, more importantly, drive traffic to your site. All you need is to find stuff to put on it; just keep in mind that there ratings issues, and you should be fine (there are kids around, so keep that in mind when you start deciding what to put on your site.