If you're on a job search or looking for a tool to help manage all the bits and pieces of information you have related to your network of contacts check out JibberJobber.com. Spreadsheets can be used for tracking, but quickly become unwieldy after a month of intense networking around a job search.
JibberJobber keeps information in Network (contacts), Companies, and Jobs and lets you interlink between them easily. It's SaaS, has good import/export capabilities, and a way to add log entries by copying to an email address. I also like that it has a free option so you can keep your information around between transitions.