Facebook challenges MySpace as place for the cool set to hang out

Helping people stay in touch with friends online has become the latest battleground for moguls: “I’ve added you as a friend on Facebook…” This plaintive introduction to the web’s fastest growing social phenomenon has been appearing with growing frequency in email inboxes across the world as what started life as a way for American college friends to stay in touch has become one of the internet’s hottest properties.

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