How are people finding jobs right now?

So I did an HR internship for a global organization while in school and they had a statistic that over 75% of jobs are filled through networking. We used that as a basis to teach folks how to better leverage their networks.

New technologies such as online job boards, meta search engines, company career sites, etc. disseminate information about job openings much faster, broader and more efficiently than what we've ever seen. So with all this technology is old fashioned networking still the best way to find a job?

What do you think?