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Event importance rises when you book good shows in that event year in year out :) It's a slow process, of course. The effect is that when the Events importance rises, so does the attendance levels and PPV buys, I don't know if it does have other effects. Maybe the important event can affect your popularity more, or workers popularity. If you think about it, you would gain more popularity if you main event Wrestlemania and win, than if you main event Great American Bash and win. :P Just speculation, I don't know if it works like that in TEW08.
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It's just more important. I'd think, the casual viewers might not care about imporatance of a certain event, more what's on the event. But die hards would be like, "Oh crap, WrestleMania's coming!" and you'd be guarantee'd a solid base of peeps who wouldn't miss it even if it meant... uhh... getting fired.
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