Online services focus on filling databases and administration. Recruiting firms focus on delivering qualified candidates. While Monster's achievements are revolutionary for a job board, they are nibbles at a larger target. Part of the reason is perspective. Job Board organizations see statistics.
Recruiters see people.
Job Boards see database matches. Recruiters talk to people who aren't looking. The Job Board Network is a room full of computers. The Recruiter's Network is a Rolodex of phone numbers. Recruiters invest heavily in relationships with people.