In a sign of the companies’ divergent fortunes, MySpace says it will let its users log in to their Facebook accounts through their MySpace page.

Doing so will port the likes and interests they have listed on their Facebook profiles to MySpace, where they will get a stream of entertainment content based on these interests.

MySpace users have been able to sync their status updates to their Facebook profiles. Thursday’s announcement is a deeper integration of Facebook’s technology into MySpace. It doesn’t involve  financial transactions.

Once a mighty rival, MySpace has conceded that it is no longer a social network but a social entertainment destination — think MTV for the Web 2.0 generation. Facebook is working to become the social overlay of the Web.