In the screenshot I received (above), you can see that you will be able to update your MySpace status (aka "headline") from the browser. By comparing the icons at the top of the sidebar to those in MySpace's new profile theme (below), they appear to allow for MySpace email, groups, blogging, friending, and events.
Also, like with Flock's Facebook functionality, the MySpace integration will allow you to easily upload new media, meaning video and pictures, to your profile as well as viewing media belonging to your friends.
Although we don't know for sure what functions will be included on the "Actions" button that appears by each friend's profile card, an educated guess would include things like commenting, emailing, visiting their profile page, and maybe even un-friending.
Unfortunately, MySpace integration will not be part of the next release (version 1.1) and no one would share timing information at this point as to when these features will arrive.
However, when Flock finally has the number one social network on board, they may actually get noticed outside of the "hip-web-geek" crowd.