"If Google bought MySpace, it'd all of a sudden be waist deep in the content creation/publishing business"

... oh, cummon. Its not like Google have avoided being in this business, ever, vis a vis Orkut and Blogger neither of which really played into a big strategy one way or the other.

Just because Google doesn't do something does not mean its a strategic move. Google do not have any plans to put a man on the Moon, as far as I know. Perhaps that's because the online advertising industry isn't big on the Moon.

John Battelle's Searchblog: Google Not Buying MySpace Was Not A Strategic Blunder