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Right out of college it is very important, because since you don't have experience, potential employers use it to determine if you are worth hiring.
After you get a few jobs and work on a few projects, it becomes less important.
Experience > High GPA > Low GPA
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"Of all tyrannies, a tyranny exercised for the good of its victims may be the most oppressive. It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their own conscience." – C. S. Lewis
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