Yes and No.
I always tell candidates that if they submit their resume to a company via a website (Careerbuilder, Monster, Dice, etc...) their odds of getting the job - let alone an interview- are very slim. There are just too many candidates flooding HR inboxes with resumes. On top of that it is very common for foreigners seeking VISA Sponsorship to apply to local jobs via the internet. This only serves to compound the problem by piling even more resumes on top of the already unmanageable stack.
However, when used correctly I think the internet plays a vital role in the job search. Posting a well written resume on the internet will expose a candidate to a vast number of headhunters and recruiters that are combing the boards daily. If a candidate has a well written resume they should expect to receive more calls than they know what to do with. If they have a poorly written resume, or they try to be elusive by leaving out details and employers, then they can expect to be passed over more times than not.
My recommendation to anyone that is looking for a new position: BE SMART about your search. Treat it like a full time job, if you don't you will not get the result you want. I think that one of the best approaches you can take is to talk to as many recruiters as you can. Most of the good recruiters in town have connections that you will never have. In most cases they will have a direct connection to the hiring managers and be able to get your resume on the top of the unmanageable stack!
DO NOT SUBMIT YOUR RESUME INTO THE BLACKHOLE AND WAIT FOR THE BEST.
I would be more than happy to discuss this topic with anyone that is in the market for a new job or has had an experience they would like to share.