And you can make it prettier than MySpace too - if you're going to learn about anything, take the time to learn about optimizing any site/forum so that when you do launch one, it actually appears in search results. For example, type in Fable 2 into Google and our fansite Projectego.net comes up 9th - that's taken some doing, to be honest, and all thanks to Steve optimizing it as much as possible. Sure, we might have to reduce the number of add-ons we apply but that's part of what makes us stupidly popular compared to another fansite that plies its members with everything they ask for and ends up collapsing or having little to no attention.
On our Fable site alone we get over 5,000 unique visitors every single day - and that's just an average. Some days it's well over 20,000. Forums take some time to look after and whatever, but they are worth it when you start getting mentioned in the credits of games, as we did with Fable 2's release.