The true value behind a MySpace page like this is that it connects everyone in their grief. I know people that, through the tragedy of having a friend or loved one die, have discovered things they never knew and people they'd never met before. Having someone who knows them from a different perspective is amazingly refreshing in such times of pain, and deep, lasting friendships have been forged by people that otherwise may have not noticed each other on the street. The parents and family of someone who's died can also benefit from such an outpouring of sympathy, emotion, and love.
A friend who I had been out of touch with after moving died in a car accident a few years ago, at age 19. She was sweet, pretty, and outgoing, and there were no shortage of people who came to the funeral. There was a surprise, though: dozens of people who she kept in touch with (or knew exclusively) online had written in or sent video expressing their sadness and how much she'd meant to them, and a few flew or drove to attend in person. Her best friend had gotten onto her MSN, website, and forums accounts and let everyone know what had happened, and had to compile the overwhelming response. Most people were either smiling or tearing up, many both, as the beautiful, heartfelt prose was read out, and afterwards, some people who only knew each other through her references in conversation were meeting each other and sharing stories.
While the comments may never be read by the 'intended' person, they have something that's both epitath and community, a break and a rejoining. And that's the best we could hope for.