Almost a year after reports first came out that Facebook and MySpace (NSDQ: NWS) were working on a deal that would let MySpace users share content on Facebook, the two companies have finally made the tie-up official, saying that MySpace users will now be able to “sync” their updates with their Facebook profiles. MySpace executives have said for more than a year now that they no longer consider Facebook to be a competitor—and the tie-up appears to be the clearest indication of that yet.

The arrangement also reinforces the notion that MySpace is now more of a content site than a social networking one. Indeed, in its announcement, MySpace specifically notes that the tie to Facebook “is particularly exciting for the millions of musicians on MySpace who can now use this tool as a complement to their MySpace Music presence and share their vast library of content, including full album catalogs, to people who’ve liked their Facebook Page.” The link-up is one way only; Facebook users still can’t sync their updates to MySpace.

The two sites haven’t buried their rivalry completely, however. This spring, MySpace tried to capitalize on the latest outcry over Facebook’s privacy policy by announcing an update to its own policy that made it very un-Facebook like.

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