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Just came back from a job interview yesterday where in the hiring manager's office I could see my profile was up. He didn't even hide that he was using it, he would pull it up and ask me about some things that weren't on my resume.
What I like about it is that you can include more descriptions than your resume. My resume is tailored to get through automatic searches that robots and not people do (so I utilize power verbs even when a shorter one would be fine). LinkedIn is nice because you can apply for the job and you don't have to attach anything but a cover letter because they just get your profile sent to them and it isn't weird then to have more than a page's worth of resume because it's not a print out.
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