MySpace is all over the news this week, most notably for launching the MySpace record label, which “will feature independent and unsigned artists as well as compilations that include top groups from other label.”

On the darker side, MySpace has been at the center of attention in the growing concern over internet privacy and safety. For example, in a highly controversial move, a private Catholic high school has issued a ban on blogging and online profiles, threatening students with suspension if they maintain profiles and blogs on sites like MySpace and Xanga.

Meanwhile, MySpace has surpassed AOL, Hotmail and even Google to become the #4 most-visited domain in terms of page views and is approaching 40 million members.