It's not really "important" per se. It's just another method that proves useful in various situations. The main thing with deferred rendering is that you fill in info in a giant buffer about every point until you've gotten through all the geometry. Then you just render a full-screen flat polygon using that buffer in the pixel shader so it can get info about every point.
The biggest advantage for a lot of games is how well it scales with lighting complexity, especially since you never light a pixel that isn't visible.
Biggest disadvantages include transparency rendering (which is really a pain, but not impossible), and inability to use hardware AA (and even software AA cheats don't work out so smoothly).