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I agree, but I view it from a ruthlessly pragmatic perspective. Job alerts, making the occasional cold contact with people who have similar research interests, etc.. I've actually made some decent use out of it in the few years I've had one.
In theory, there's nothing that you can do with LinkedIn that you can't do with e-mail and mailing lists, yet for whatever reason some people are more open to being contacted on there. Maybe there's an informality to it, the ability to see a human face, it doesn't get buried in work e-mails, or any/none of the above.
Just don't scroll through the newsfeeds, unless you've meticulously curated it or enjoy reading mindless corporate propaganda.