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Ivor - yes, but only if you're cynical about it. You'll get out of it exactly what you put in. It's not really the networking tool it set out to be, but it is a good way of maintaining visibility within the circuit of people you choose to expose yourself to.

If you link it to twitter, it is also a good discipline to the amount of vapid blather that you spout, in the certainty that your clients will quickly tire of the mindless drivel and cold, repeated 'news' that appears to make up 99.99% of twitter traffic (check out the box to the right of this comment to see how dull and repetitive twitter can be).

Keep it focused and interesting and it can help to keep you fresh in the marketplace.