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facebook pages are fairly straight forward but you do need to have a grasp of html and inline css. You would create a "business page" from within the advertising menu, then install an application called FBML (facebook markup language) which allows you to create new tabs within the page, and insert html coding.
A quick google would help you find the relevant tutorials, mashable.com did a great one including free templates. There are a few new changes e.g. that your page can only be 520px wide and your limited on what content you can add e.g no php / js.
I use a variety of free services to include twitter updates, rss feed updates and other handy tools that are of use. The main use I found for the pages was to advertise a business to facebook friends and fans, then send them to the business website.
I wouldn't bother with myspace IMO, it's a dead duck so to speak, and only used by bands (but facebook offers this as well - community pages).