From Mashable:

The Friends Updates Module, displayed on your home page, allows you to get updates from your friends very easily. But remember, "you are not subscribed to everyone just because they are your friend. On MySpace you have to pick WHO you want to subscribe to". You can also choose what you want your friends to get from you. Simply click on the "edit" link at the bottom of the Friend Updates module on your home page to manage your preferences.