Making MySpace Safer: Unreasonable Fear of Technology?

According to the latest WSJ, "social-networking site MySpace has taken off among teens, but has come under fire for exposing children to risque content and sexual predators. In response, News Corp. is scrambling to make MySpace a safer place." (News Corp. Aims to Make MySpace Safer)

What I can't really tell is whether this is a legitimate concern or an unreasonable fear among parents, fanned by the media. Based on past media hype (freak dancing, sex bracelets, bondage pants all come to mind), it seems more likely it's hype. Pedophiles and preteen sex and drinking, they're everywhere. Until someone does some real reporting on this, I just don't buy it.