It does let you post up an employment history, but is more geared to connecting your profile with others in the industry. You can connect to people you have worked with or through various groups on the site.
Recruiters use it, and I have been approached a number if times from agencies that have found my profile on Linked In. Prospective employers find it useful as well as they can use it to verify your CV and look for potential shared links (i.e. people you both know) to speak to for an informal reference.
HTH