Hey!
I'd say it's pretty important. I originally applied to Comp Lit at Cornell. About two weeks ago a very kind professor called me. He told me that Cornell's Comp Lit Department only had 2 spots, which I think is ludicrous. Anyway, he told me that I was not accepted to Compt Lit, but that my application was referred to Romance Studies, where I was accepted (he told me they had a lot more places). In short, I think that ad comms recurrently come across wonderful applicants whom they wish to accept, but financial issues prevent them from doing so.
Hope that helps.