It's such a simple concept that too many of us seem to overlook and when you run your own company it can become even harder to follow because you like to keep control in your hands.
Now depending on what your company does I don't think you should apply every user request into your product, but for something like MySpace which is more of a fun site than anything it works very well. You know how to interact with your readers and have fun with us.
And because I really have no shame here is the YouTube link to embed it on your own site if you wish.