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'.