References: Worth the Trouble?

Upstart HR pro Ben Eubanks says: the “return is small for all of the time invested in the process.”

Human Resources writer and speaker Mike VanDervort agrees: “They are marginally useful. That is all!”

Joan Ginsberg, JD, SPHR, cautions not to give ‘em. Too dangerous.
What do you say? What policies govern your reference giving and your reference seeking? How much time do you invest checking references and what credence do you give to the material?  Do you think practices vary by industry and size?

I have my own thoughts about this and a post in the works, but I’d love to hear from other HR professionals and hiring managers first.