MySpace and Facebook announced MySpace's new Mashup with Facebook feature, which can sync all of your Facebook "likes" to MySpace in one click. MySpace will be getting Facebook like buttons, rolling out across the service starting today. Interests on MySpace will also be linked to relevant interests on Facebook, and MySpace will use your Facebook data to recommend content for you.
MySpace will be using Facebook Connect for users to quickly register and login through the social networking website.
The non-financial agreement will just allow people to register to MySpace with their Facebook credentials, while the site will take as much information as possible, whatever your privacy settings allow, to be gathered and help manage targeted ads and content for you.