IMHO it is very important. For an example, imagine that someone designed a level which put some horrible monsters in shadow to scare the player. If there is no shadow on some slower machines (or it can be turned off), the desired effect would be gone. Other examples including using bump mapping to carve texts on walls, etc.
There could be some visual difference between newer and older hardwares (such as precision). However, the overall feeling should be the same.
There could be some visual difference between newer and older hardwares (such as precision). However, the overall feeling should be the same.