Many would expect me to answer "yes" to this question, but my answer is a bit more complex. Linked data is a technology that I believe we will make use of to connect library data to other information resources. That's what the "linked" in linked data is all about -- creating a web of information by connecting bits of data in different documents and datasets. However, we have to be very cautious about having "an answer." When you have an answer you tend to stop looking at the questions that arise, and you also tend to ignore questions that aren't going to be solved by the answer you have chosen. There is no technology that will do everything that we need, so while linked data can be useful for some things we may need to do, it cannot be the answer to all of our technical requirements.
Note that I describe linked data as "connecting bits of data." The origin of the semantic web is in the need and desire to make actionable data that today is essentially hidden within the text of documents. For example, if I say:
"My name is Karen. I will be holding a webinar on June 4 at 3:00 Pacific time for anyone who wants to learn about my paperweight collection."
That's text. There is interesting information in there, but it isn't available for any computational uses. The Semantic Web, as implemented through linked data, would make that information actionable. There are various ways to do this, and one is through the use of microformats which mark up data within a document. This could look something like:
<p>My name is <span class="name">Karen</span>. I will be holding a <span class="event">webinar</span> on <span class="datetime" title="2012-06-04T03:00-09:0000">June 4 at 3:00 Pacific time</span> for anyone who wants to learn about my <span topic="paperweights">paperweight</span> collection.</p>
This text now also has bits of data that can be used for various purposes, including linking. The linking capabilities in this particular example are low, but some additional information, like standard identifiers for the person and for the topic, would then increase the linkability of this data.
<p>My name is <span class="name" id="http://viaf.org/viaf/48369992/">Karen</span>. I will be holding a <span class="event">webinar</span> on <span class="datetime" title="2012-06-04T03:00-09:0000">June 4 at 3:00 Pacific time</span> for anyone who wants to learn about my <span topic="paperweights" id="http://id.loc.gov/authorities/subjects/sh85097666.html">paperweight </span> collection.</p>
This isn't a perfect example, but I wouldn't claim that we're heading toward perfect data. What we need is to get more out of the information we have.
I perceive an assumption in the library linked data movement that what the Web needs (because linked data is data on the Web) is our bibliographic data. I disagree. The Web is awash in bibliographic data - from Amazon to Google Books, from fan sites like IMDB or MusicBrainz, and from sharing sites like LibraryThing and GoodReads. Libraries may have some unique bibliographic data, but most of what we have would duplicate what is already there, many times over.
There's also the fact that much of bibliographic data isn't DATA in the linked data sense. It isn't actionable data elements for the most part. In fact, bibliographic data is more like a structured document: it mainly has text, and that text is to be displayed to humans. It is possible to extract actual data (dates of publication, numbers of pages, various identifiers), but the text itself is a large part of the point about bibliographic data.
What this means for us in libraries is that we shouldn't be thinking that linked data will replace bibliographic data. It will encode the aspects of bibliographic data that will give us the most and the best links.
Then we need to ask: why are we linking? What will we get? Well, we can get connections between books and maps, between books and documents, and between search retrievals and libraries. This latter interests me especially. Google is experimenting with using microformat data, in particular the schema.org data that it is fostering along with Yahoo!, Bing, and Yandex (the Russian search engine). Schema.org microformat data allows a search engine like Google to enrich the snippets with more than just a block of text from the page. This is an example from the Google Webmaster pages on Rich Snippets:
You can take a look at the schema.org data that is created for WorldCat records simply by doing a WorldCat search and scrolling down to the section called "Linked data." The number of holdings is included (and this in itself is something that might interest Google as a measure of popularity). Making the link to the holdings of an actual library, and making that possible for all libraries, not just OCLC member libraries, is something I consider a worthy experiment for linking library data.