Personally, I think lyrics are subliminally more important than we give them credit for but it's a tough one because we're our own harshest critics. I often wonder to myself if some of my favourite songs would be my favourite songs had the lyrics been about something completely different, or had they not been able to stir the same emotional response in me.
I used to write with my best mate who I've always thought was a far better lyricist than I ever will be, but then he thought the same about mine. The danger is falling in to a trap where you're never happy with your lyrics and convince yourself they can be better even after a hundred re-writes.