
Agent Kristin has a post on her blog Pub Rants about the importance of an author having a Web site:
I ended up chatting with a B&N book buyer. She said that the most important tool an author could have is a website.
And I agree. The buyers do actually look at author websites and potentially use them for their internet marketing.
She also has some excellent tips about how authors should get creative with their Web sites. Go read the post.

Where do MySpace pages fit in?
Hi Rachel – MySpace can be useful for its social networking feature, building buzz among a certain demographic of readers but it’s certainly not a substitute for authors having their own Web sites – especially since the design of most MySpace pages are just short of hideous. :-)
Actually, I’m following the evolution of Facebook much more closely than MySpace these days, in terms of social networking and promoting awareness about books.