It really, really depends on the band, the song, etc.
There are some bands where the lyrics are far from the point--I would throw a lot of artists in this category, some where the lyrics just aren't my thing (AC/DC leaps to mind), some where the lyrics are even good, but not why I like the artist (Bjork is what's coming to mind here), and of course there are instrumental bands I like quite a lot (Dirty Three, eg) or bands/artists with lyrics in another language (Juana Molina, eg).
On the other hand, there are bands where lyrics are almost entirely the point. Take the early Mountain Goats records, which were mostly just a dude strumming an acoustic guitar--nothing that special, but the lyrics take it to a whole other place. This is often the case with singer/songwriter types or more comedic bands (King Missile, anyone?). It happens less often than good music saving bland lyrics, but it does happen.
Of course, the best way to excel is having an interesting balance of both. (Off my head, Okkervil River, The Hold Steady, Joanna Newsom, etc, at least as far as my taste is concerned lately.)
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