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I guess it depends what you do.
I don't see the point of it myself - all it does is bypass communicating with people to ask who they'd recommend for a job (i.e. you look at their LinkedIn instead of asking) and even then you won't be getting the full picture as the job you want done might be completely different and unsuitable .
Of course, if you've already had the recommendation by someone in person then you can add someone to your list - like a rolodex as people say above, but you could just keep records elsewhere.
Wouldn't you be better off just putting some time into marketting your business in an effective way? Obviously joining LinkedIn takes no time and won't hurt.
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What it does is provide people to communicate with who might otherwise be unavailable.
Its a bit like a mature facebook really, one with a business focus rather than lolcatz and "what I had for dinner".
Any tool is only as good as the person using it, so far I've found connections and job listings I would not have had without it.
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