I think that music is slightly more important to me than lyrics. I'm drawn mostly to the power and heaviness of the music. Also, since I like death metal, the lyrics aren't always recognizable, and vocals are used in a different context in this genre; more as another instrument that adds to the vibe of the song.
On the other hand, good lyrics (and lyrics you can understand) can leave an impression on you, much more so than ones that are bad or that you can't understand. It sucks when I'm at a death metal show and I'm getting into a song that I know, but I can't sing along since I've never been able to understand the words. It's kind of like an inherent flaw in extreme metal that makes it unique, but is the biggest factor that keeps it so underground.