I've heard it was more important, at GDC at least, for indies because you have legendary devs walking around who can help small teams get deals or contacts with bigger networks. Make a demo that catches the eye of the right person and it can be really helpful.
Exactly-- you meet new teams you may want to do business with. Devs meet people who want to invest. Not exactly helpful for EA or Activision, but big help to others.
