I figured this out with a bit of experimentation. I discovered that I could change which Myspace country I wanted by going into "Account Settings" and selecting from the short drop-down list (I thought I would have to change my registered address-- nope, simple as this, it turns out).
So I selected "UK" and went back to my homepage. And I noticed a number of differences. First, the spelling ("favourites" vs. "favorites"), as discussed in Jenna's blog comments. Second, the date format (day-month vs. month-day). Both are circled in red in the below screenshots. Third, the ads for Myspace Mobile (which only applies to AT&T (formerly Cingular) customers-- hence will only show up on the US sites).
But most importantly, the ability to create photo albums, as evidenced by the differing name of the photo link (circled in pink) next to my avatar.
So-- if you're wondering why you can't create photo albums, and why you can't view other friends' photo albums when they've created them, this is why. I still don't get why it only seems to be available on Myspace USA. But hey-- at least you can get around it by pretending to be an American, LOL!
Helly on Myspace USA:

Helly on Myspace UK:

(originally posted at: http://www.myspace.com/hellykwee/blog/247043411)