MySpace is a social networking website with an interactive, user-submitted network of friends, personal profiles, blogs, groups, photos, music, and videos for teenagers and adults internationally. In 2006 it was the most popular social networking website, but since then it has been outdone by Facebook in terms of monthly visitors. At least that's true at the time of this writing. 
That said, it's a good idea to have a presence on MySpace. Setting up a "Fan Page" on Facebook is a good idea too. What makes these ideas really good is that they're free.
With either one of these sites, you'llbe able to connect with other Elvis Impersonators and Tributes Artists, with fans,and with friends. They are not, however, a reliable booking tool. Rather, they are a way to "meet" and stay in touch with your Elvis-performing peers.
With MySpace you'll also have the ability to create a blog,which can be used for communicated with fans about tour dates, events, and other things you wish to communicate. Your fans will subscribe, and they can be alerted whenever you create a new post on your Elvis blog.
Another useful feature for Elvis Impersonators is the ability to join discussion groups. On MySpace there are plenty of Elvis groups, and Elvis Tribute Artist groups, so takea look around and see what's there. Joining an ETAor Elvis group is free, like everything else on the site. The only thing you'll be spending is your time, which of course is valuable.
So, in terms of actual booking tools, MySpace will not save the day for you but will be a nice complement to a paid profile on a website like Gig Salad. You'll be able to interact, connect, meet and share with your peers and fans... and it's free.
Check out MySpace here.