I would skip the networking events and spend your time building your reputation through hard (and brilliant) work. Work at an important Silicon Valley technology company doing interesting things, work on important open source projects, or create something new on your own time from scratch to build your reputation.
--Anonymous Top Tier Silicon Valley VC via IAmA Q&A at reddit.com
Really interesting take on networking in the Valley. This has proven mostly to be true. In the words of my cofounder Sachin Agarwal, there are too many talkers. This is especially true at networking events.
Be a do-er.