Hey Eddie,
So true about the "working" part - lol - as I'm becomming painfully aware. I went ahead and created a data store though and wired up some services for registration and unregistration (when user adds or removes the application). I've also got some services wired up to save data keyed by applicationId which is a guid that I provide in the registration/unregistration url. If I used the oauth_consumer_key it would require me to create the application in MySpace before I can create the corresponding record in the database, a pattern I'm not keen on.
I'm using flex to provide the UI so I'll probably look into the REST API a bit later. I've still got a learning curve with flex, although with ActionScript it almost feels like old school java applet programming.