Personally, anyone who makes a blase quip that private profiles are for cowards needs to get a grip.
Myspace is a social networking site.
You can have whoever you want on it, and whoever you want looking at your site.
Some people use it to keep in touch with friends who might be out of town/on the other side of the world etc. It's their site, so it's up to them who they have on it and who they want to view it.
They are not cowards, and it's lame to say they are.
It's their piece of the web and it's up to them what they do with it.
If people don't like it, tough shit.
I'm sure the people wanting to view someones site that's private will just move on to a public one.
If they're so bothered by private MySpaces, maybe they should find another pastime like tenpin bowling or something.