I've just 'downloaded' the list, and I'm really not sure how valuable this is.

You get a url of the VC fund, but no details on who the partners are. You're still left trying to figure out who you should contact and how. You'll still be going through your linkedin or other networks to figure out who works at each firm, who works in the area of your interest.

Not to say it isn't a comprehensive list, I just wonder how valuable it is, when it is possibly easier to just search in google.

I’ve created a mega investment list from a number of sources. The guys at TechStars, Seedcamp and serialentreprenuers.co have all contributed with their own lists. I brought it together to make a megalist that will be more useful than AngelList, LinkedIn and CrunchBase (but you should use them too). I wanted a definite investor list for Europe and the rest of the world.