There are several, hard to reconcile, approaches to the integration of the Internet into a Recruiting practice.
The Web, as it grows and matures, offers an expanding series of tools that allow a Recruiter to exploit "marginal" opportunities. The high profile success stories are always about these opportunities. Unfortunately, the successes are short lived. The "marginal" opportunities depend on "being there first". They work better for very early adopters than they do for the later. Examples include job posting, advanced search techniques, broadcast email and so on. Each "marginal" approach involves an innovative use of technology to solve an old problem. As such, these techniques get high and quick visibility.
Then, there is the application of the Internet to Internal Synergy problems. Every office, no matter how large or small, has communication problems that can be readily addressed by opening the company's information flow. Usually implemented as an Intranet, the objective is to solve another age-old problem...it's predictable that the right candidate ends up on the wrong desk. In theory, an effectively designed Intranet helps harness these misplaced resources.
Neither approach solves the longer-term problem...building a reliable supply of potential candidates. This is the real Electronic Recruiting question. In order to build relationships with enough potential candidates to ensure (say) 5 years of recruiting success, an operation needs to invest in the candidates themselves. Long-term relationships must be built.
While it's certainly true that the network can be facilitated using the net and its growth can be accelerated with online advertising and searching, the real value lies in customer relationships and network management.
Companies that focus on the use of advertising and search tactics will be able to solve old-style sourcing problems. At least they'll be able to do this until everyone else catches on to the techniques (several search tactics training companies are now offering retention programs for companies who have been "raided" with the techniques they teach in other classes). You might remember that early automobiles clearly resembled the horse drawn carriages that they replaced. None of the carriage makers turned auto manufacturers survived. A different assembly technique and radically different design won that market war.
The future of Recruiting belongs to companies willing to manage their part of the labor supply. You can't get there by learning the bits and pieces. It takes an integrated view of the problem before the attempt to solve it.