You can opt out here: https://www.linkedin.com/mypreferences/m/settings/data-for-a...
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Strangely enough, it wasn't a problem at all. They'd still call me, interview me and make an offer. So I believe people overestimate the importance of LI, at least for some cases.
This is an important issue from me because it's the only so-called "social" site that seems somewhat enforced by the system we're living in, so it has been abused in various ways as people believe they have no choice but to share the details related to their education, past and present employment with the general public.
I held out on facebook since last year, but have given in. My wife is my only friend, even if facebook is pushing a never ending desperate barrage of youmightknow mails.