For the 70's, I'd say that Black Sabbath were more important than Led Zepplin, they basically kick started heavy music and inspired more bands than Zepplin ever did. Also, I believe that The Sex Pistols were pretty important. They may not have made the most original music and were considered sell outs by some, but they got loads of people into punk music who may otherwise have never heard it, much like Nirvana in the 90's with grunge/rock-in-genreal, but overall I'd say The Clash were a more important band in shaping the punk genre.
As far as the 80's goes, I'm not sure who would be considered the most important "mainstream" rock band, but as far as more underground music goes, I'd choose stuff like Bad Brains, Black Flag and Minor Threat for basically shaping the hardcore genre. Also alot of the early emo bands such as Rites Of Spring and Husker Du originated around that time and are influential today.
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