One is you get a view of the market very transparently, very quickly.
Then, there's the idea of what I call 'the purple pony.' Sometimes we have a desire to recruit a range of skills and experiences that don't exist together, and it helps me manage the hiring managers' expectations of what the market looks like.
The third big thing it does is give us speed of connection. You can use social media to connect with people very quickly. As opposed to the old way of phoning people at their office or trying to find personal contact details for them at home and then leaving messages...LinkedIn--as do Facebook, Twitter and many other social media sources--allows you to message people directly and have a very fast response to questions and statements and connecting opportunities.