I'd say networking is nice, but at the end of the day it's your merit that will get you a residency. After THAT, I'd say networking is significantly more important (can't speak from personal experience, however.)
One thing I will say about MS1/MS2 networking is that if you get to know the attendings that frequent your school's interest group(s), you may have a leg-up on getting research opportunities, assuming these attendings do some form of clinical research that they could viably involve you in.
Any current residents/attendings that frequent this forum able to give us some insight on post-residency networking, especially in the smaller, more restricted fields? Is it more important to network in Rad Onc rather than in IM?
Sorry to hi-jack your thread, but it's a related question and something that I hope will help.