This is nit picking I know, but I am actually more tempted to join the one called "y combinator news" as I don't want my business connections to see the word "hacker" on my profile. I know that PG says it means something else but I am pretty sure most people think it means someone who breaks into it-systems.
Well, one use is you can access the contacts of your contacts, so it helps you get information about (and get in contact with) a lot of people...
But I agree it seems weird to add 50 'strangers' to your list... We don't know anything about each other really.
EDIT: Although I have seen a few people do it on LinkedIn already, they post message in groups and tell people that they want everyone to add them. They gather thousands of contacts that way, I wonder if it does them any good tho.
I think this technique is bullshit. I have a few people on LinkedIn that I don't know very well. When I find that I can a connection-of-a-connection through them, it's a big groaner. Because I know that I can't use them for a recommendation and be like: "Yeah, we shoke hands once at a tech meetup."
My current policy on LinkedIn is only link to people to whom I could give a warm referral or expect one in return.
I'd say the real value is in understanding that there are fellow hackers out there who you would like to meet, and actually sending them a message saying "Hey, how's it going? I noticed you work at Job A", or "I noticed you're interested in X"...
There's not really much value in friending directly, but if you make the effort to get to know new people, as I will, I think it's a good idea. There's always value in meeting somebody new.