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It's heavily dependent on the career.
On things that require inherent skill or artistic ability, I think they're very important. It's really hard to demonstrate being a good "designer" or "artist", even with a portfolio. But if you can work in the same office as them, they can see first hand the process and product.
For jobs that require incredible amounts of schooling, education and credentials, they are less important. I'd say if you can get a PHD in the field you're pursuing, internships are less important. Astrophysics and aerospace engineering come to mind. They're more education than experience, because if you have the requisite knowledge you can easily pick up the tasks they provide you.
With something like an Art Designer or Storyboarder, etc.. you can know encylopedias worth of information about Art and still suck at it.
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"I'm typing on a computer of science, which is being sent by science wires to a little science server where you can access it. I'm not typing on a computer of philosophy or religion or whatever other thing you think can be used to understand the universe because they're a poor substitute in the role of understanding the universe which exists independent from ourselves." - Willravel
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