Much less important. The actual learning will always be important, but the real reason we go to university now a days (compared to when universities were created 100s of years ago) is so we can have a diploma with which we conform into a group of people, who can contribute x to society. However, the way the internet is allowing for decentralization, the less we need to conform, and this will probably allow for more room to contribute without needing a diploma to prove our 'worth'.
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I agree with much of that. I worked, for a time, in higher education. The modern university is by far a different creature than the one of centuries ago.