I think Facebook.com is a more reliable service, and easier to use. MySpace boasts a larger membership roll, though Facebook is catching up, particularly among collegiates.
As far as I know, both services allow you to create a universal group. On MySpace, it's as simple as just making a new community; on Facebook, you have to set up a sponsored group with them, which would probably incur some cost, though likely relatively minor.
I think it's a great idea to have a catch-all for Zetes everywhere. As it is now, there are many groups for individual chapters on these online social networking sites, but I haven't seen a comprehensive one for the whole frat yet.
Lemme know what you're thinking of doing, if you make progress on the idea.
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