I think anyone looking at LinkedIn as a holy grail of career advancement is misplaced. Despite the spam and other features, I find it useful for a few reasons:
1) If I'm trying to find someone in a very specific role, for a very specific reason, LinkedIn tells me who I need to go through to get there. This isn't always job hunting.
2) If I have a meeting or a call with someone, I check them out in LinkedIn for a quick bio.
These two use cases justify my having an account, investing time in building my network, and encourage me to put up with the spam.
There's a 3rd use case, which is recruiting. LinkedIn is likely as useful and current as any headhunter's internal database. This should make smart recruiter's jobs a little bit easier.