Matt has a good entry post into a hot topic: If you are out of work, do you state clearly for all on linkedin that you are out of work and looking for a job?
My gut says no. It reduces your chances of getting work because it makes you, as a product, overly available and very generic. Scarcity drives up demand and price for a given item.
You are an item, aren't you?
Further, I'd also wager that if you are looking to be found by someone looking for your talents, you should use the space to tell them about those talents (at least you are getting more keywords in there for their search to find).
But, I'm willing to be persuaded otherwise with data that says one gets work faster by stating that they are looking for work. The problem with the issue as stated is that unless we do some social statistical work, we won't know this answer.
Anybody run the spreadsheets on this one?