I have been looking around, and a lot of websites use the term spin when talking about magnetism. However, I'm pretty sure they mean the orbital spin rather than the intrinsic spin.
This one seems to have it correctly, and doens't use the word spin a single time. Instead, it talks about orbit alignement.
http://home.att.net/~cat4a/magnetism-IV.htm
If I'm wrong I apologise, but think about it, what's going to produce the biggest magnetic field, the electron spinning around the nucleus, or a tiny wee electron spin?
Besides, spin up and spin down doesn't translate into a direction in space, but rather refers to whether it is parallel to the nucleus' spin or antiparallel to it. So even if all electrons were spin up that wouldn't mean they are all spinning in the same physical direction. And anyway, the electrons don't *actually* spin, do they
I'm not saying electron spin doesn't play any part, but it's certainly not the main effect.
(admin edited post to correct link tags)