importance-n; 2 Senses

Sense Number 1: the quality of having significance, value

Commentary: IMPORTANCE[+quality][+significance][+high/+low]

THe president continued to stress the importance of democracy in the region.
These old files have no importance any longer, so go ahead and throw them out.
John needs to figure out what is of real importance to him in his life.
His importance as the one who effected a long-lasting cease-fire has not been fully appreciated.

WordNet 3.0 Sense Numbers: 1

Sense Number 2: the social standing of someone, prominence

Commentary: IMPORTANCE[+relation][+rank][+social][+prominence][+high/+low]
NOTE: usually refers to the rank of a person.

Only people of importance in town were invited to the Jones' wedding.
His sense of self importance irritated everyone in the office.
Lisa has become a physicist of real importance in recent years. (could also be Sense 1)

WordNet 3.0 Sense Numbers: 2