> A cv is useless for conveying who you are and what value you bring relative to all the other thousands of people out there. A paper is a paper is a paper.
True. Therefore if you're looking at integrating a Startup, it is great because educated developers might have the time to meticulously review every application. But when you're looking for a job, any job, especially in a more established company it doesn't work the same way.
Of course, if your github projects are "famous", say you created Redis (the 1% case), then it can act as a CV replacement. A replacement NOT because someone will dig into the actual code, but rather because they'll know you created this known thing called Redis (or they'll read about it on Wikipedia and realize it's a big deal)... so it's in a way your CV. But if your github only has random projects (which is the 99% case), it's actually quite hard and time consuming to jump into the code to evaluate an applicant's skill.
To better explain my point that a resume/CV actually makes the difference, let's look at it the other way around. Imagine you are a recruiter, you have 100 applicants, and you need to filter the list because you can't interview all 100 of them. Are you going to look into at everyone's repo?! No. Instead you will give a quick look at the CV to identify 'potentially' good candidates. Having a link to your github on the CV is a big plus at this point (independently of what it has), because it's different from most of the other ones (aka: you're special, more passionate about technology). Once the filtering is done, only then will you usually have the occasion to be heard through an interview. And it's at this point that you actually need to show you're real value.
Now I do agree that this system is flawed, but it's the game. If you want to maximize your chances, which you most likely do considering you have no options, you should play the game and get a solid cv/resume. Having said that, if you lack experience or content for your CV, personal projects (on github) are a good filler ;)