Further proof of MySpace as a failed company is that one cannot delete one's profile from the site without jumping through an exhaustive series of hoops which culminates in adding the words "Delete my profile" to your profile.
I know this is sarcasm, but the point is not so much the profile deletion itself. It's the user experience of the process. Normal user goes to remove their Facebook profile, heck even I go to delete my Facebook profile, and sure I haven't deleted it, but I'm left more or less neutral. Try deleting a MySpace profile and see how you feel after the process.
I'll reiterate what I stated below, it is not the fact that you cannot delete the profile, it is the user experience of trying to do so. Try it yourself, let me know what you think.