Looks matter to me, but other things matter to me a lot more.
Most of the guys i've ever felt a strong attraction to in my 22 years of life weren't actually very good looking; in fact, looking back, some of them were at least a little ugly. But I certianly didn't think so at the time. When i met them, i either thought they were of average attractiveness, or didn't give their looks any thought, and as i got to know them, i became attracted to them because of who they were, and it seems I then thought they looked great, even though some of them didn't. Well, in a few cases, I knew they weren't good looking, but i was attracted to their looks anyway.
Of course, there have been a lot of guys i've seen, and thought 'wow- hot!', and been attracted to, but in only two cases out of many was this as serious an interest as the guys whose looks i wasn't as initially impressed by.
So I don't think looks are all that important, certainly being 'hot' isn't important.
Of course, if someone was seriously quite ugly, I doubt that i would develop any attraction towards them, so looks do still have an important role.