As website no doubt that orkut has better user interface and user facilities. mylot is a new site and is not as mature as orkut.
But mylot is very good for the fact that it pays its users and soon will be as good as orkut
MyLot is definitely better than orkut, the major difference being the ability to earn money by spending your quality time on myLot. However, chat like sessions are not allowed on myLot which is quite a disadvantage.