A recent linked poll asked if The linkedin profiles are more important than Cv’s.Only 18% gave an outright yes as an answer. But 43% said both are equally important. which means that nearly 60% of the people polled feel that linkedin profiles are an important barometer to vet the candidate. This could be during the early shortlist or before a final shortlist.
But in all fairness a profile on linkedin will matter more as you get more experience. A fresher floating his/her resume might not make much difference to the shortlist. But that is open for discussion.