Yeah, EO is none to happy about the situation. They've received a bunch of emails about the situation. I don't think the moderators have a clue what they are doing. Good thing nothing is ever posted over there.
I'm 14 on myspace now, too. What is scary is that half my students are NOT 14, are claiming to be 14 or 16 to get a profile and are posting picture with them half naked on myspace. I'm debating about reporting some of them, cause they are just out of control.