LOL... I have this argument with my girlfriend all the time on networking. Not that she excuses networking or would never use it... She just feels the personal high sanctification in doing everything 100% herself. So that's how she treats job searching. Internet cold applying only. She keeps telling me its more like 50% of people get their jobs this way, I call bullshit. I did a survey of all my friends and contacts on how they got their jobs.. 15 of them... 3 people, including her, got their jobs just cold applying on the internet. Not that that's a big sample size, but I still think it's telling.
Meanwhile, my friend who grow up in poverty, therefore made it a point to not live that way on his own, majored in CS, networked the shit out of everyone, interned, got hired full time, and now he's making 120k/year at a startup downtown. He was laid off last year from another start-up...within days he had like 10 interviews just based on his networking capabilities. And has recruiters all over him every day now. Today he just told me he was offered 130k + bonus + stock in another start up lol. Competitive market for him.
So I too believe networking is major asset to getting a job and especially with the internet where you can have 50 random applications for one job, it really helps to know someone within the company.