While I don't like it too much, when I consider hiring someone it is the first place for a background check. It saved me once from a really, really bad hire (due to common colleagues).
At the same time - I am an independent consultant, and yet - I am not sure if there were a single contract that came through LinkedIn directly. Quite ironically, Facebook was much more productive with that respect.
Sure, I get a lot of messages, but rarely about offers, I am interested in.