I think a nice blend of these two seemingly disparate strategies can be effective. What I see missing from most people's networking strategy is an effective follow up process. I have three goals when networking
1) Meet some nice people and see if there is anyway I can immediately add any kind of value for them (I like Josh's attitude here about being prepared and having a gameplan) through my network
2) When asked, briefly give them a synopsis of my business (email marketing) with specific examples about how we've helped businesses just like theirs.
3) Ask PERMISSION to stay in touch with them via email occasionally.
Follow-Up:
After the event I send personal email notes to the people that I met, then I add them to my thoughtful email marketing campaign so that I can entertain and educate them over time on our value. When they are ready, they will likely contact me. With this method every networking event is an investment with tangible results that keep adding up.
For most of us we have a choice of two strategies - either provide such an amazing valuable product or service that you probably aren't participating in Biznik events, or drip on these seeds until they sprout. You need an effective follow up tool to do this effortlessly. There was an excellent blog from marketing genius Seth Godin on this topic here: http://sethgodin.typepad.com/seths_blog/2009/11/breakthroughs-and-drips.html

