I see it as a game, not a simulation or a competition, and as such the goal is to have fun. So if balance is having fun in equal measure, then it's very important to my group. If it's having the same combat or skill effectiveness, then no.
My players (and myself for that matter) tend all to be of the mindset to create characters that will be enjoyable to play in some way or another, whether it's the persona, the skills, the combat--whatever. But when you create a character that's enjoyable to play and the DM provides a setting they can interact with, stat balance doesn't seem quite as important. We still have alot of combat, and everybody approaches it in a way appropriate for their character and I try to give them different challenges so it doesn't become a meatshield contest every time.
But I'm no elitist and I know my players aren't stupid--I have no doubts that if we were playing a different style of game, balance could quickly become very important.