Couldn't agree more.
LinkedIn has to be one of the most under-powered network out there. It's UX is still reminiscent of Orkut days. It's notifications and messaging system is the worst of breed. The network updates and posts on the "wall" are so bad that I stopped reading them years ago because it feels like spam. It prompts me every now and again to congratulate people on job anniversaries--maybe people do that but it's a weak play when a company reaches to those depths.
Looking forward to Microsoft cleaning this up but I haven't seen anything from Microsoft as of late that would inspire confidence on the web. I was at MSN circa 2004 and it has always had an inferiority complex compared to the rest of the industry.
LinkedIn won't bring much engineering talent to the table either. So revamping it will be a true test of Microsoft's resurgence into the web following a string of bad executions.