Do a search here on how to make a creative tab. Once you've added the creative tab, your members can build a profile using html code, just like they would build a web page. With careful creation of your template(s) and positioning of the tabs, you can get to the point of a myspace-looking profile page if you want. Since the majority of web users don't have a clue how to code html though, you'll have to either write a good tutorial for your members or give them a menu that will link to webpage code sources and tell them how to paste it into the wysiwyg editor. And as I said in an earlier post, choose an editor that will not strip code -- most do! You can easily embed video codes, layout codes and anything else you want with a creative tab.
Myspace has tons of coders and web gurus that work on the site 24/7. (I think most CB'ers like me are an army of one;-) They also are tied in with the music industry and other web content suppliers that help make profile-building and multimedia integration easy. Your best bet is to start experimenting with creative tabs and template, module and menu layouts. Take the time to learn how to build and edit a template. This makes it very easy to change things as your site evolves, rather than being stuck with the default template that came with joomla. (The "rhuk_solarflare" and other common templates are not condusive to a great profile page. When I think profile, I think real estate, as in you want your member to have as much of the screen devoted to his stuff as you can. Stuffing his profile in the middle of a 3-column template might not be so optimum.)
Myspace got huge because it made web page creation easy for computer illiterates. Now it is way too big to be managable, and is not a good place for kids as there is no delineation between the adult community and the kid community. (The beauty of CB is you control who joins and can boot anyone who doesn't follow the rules.) It will always have more bells and whistles, but we can duplicate quite a few of them with Cb. There are also quite a few bells that we have that they will never have, like multiple galleries, forums, and some pretty neat components and modules. The bottom line is that as long as your site gives people a reason to visit, you really don't need all that crap