I guess it all depends what you mean by networking with other bloggers
I started a thread for that lookin to formm a member contributed blog network
http://www.v7n.com/forums/seo-forum/...-networks.html
I belong to several blog networks that members contribute blogs to the cause
this has worked very well for me being able to post announcement post or short article post to these networks.
This has generated traffic and significant quality links gaining me just recently very high rankings in the work at home keywords with 100's of millions for competition so I know they work I have tested this all summer this year and it does make a difference.
I see across different forums a lack of desire or fear to participate doing this, blogs are hot today for linking and traffic
Having access to 100's of different blogs across many different IP's works very well.
Or you can hunt down individual people who want to trade different links on a one to one basis which I find very inefficient.