I'm not sure if this came by way of the Fall Dashboard Update, but MS is trying it's hand at the MySpace game.
Now you can have your very own LIVEspace, which is linked to your gamertag.
I've taken the liberty of exploring the service for you apes. It's quite impressive, with all sorts of templates, layouts, themes and widgets to choose from. You can build a very robust profile, though I've stripped mine to the basics.
The interface is very easy to use, while being quick to respond. The only flaw I've found is not being able to add friends by gamertag, which is a pretty epic fail. Also, quite comically, you can add yourself as a friend.
Go check it out:
Home - Windows Live Spaces
Here's mine:
OME6A of SVNS