Can you quantify "just as, if not more important?" Because if you mean spending more on the CPU than the GPU, you are not correct.
Yep. Spending more on the CPU pays off. Buying a cheap CPU and a powerful GPU only works if you can hit acceptable framerates in games. Buying a more powerful CPU and weaker GPU allows you to turn down settings.
Case in point the MSI GX 60 (a10-5750m + 8970m).
Acceptable performance in some games, great in others but some games just can't be played.
http://www.anandtech.com/show/7111/amds-a105750m-review-part-2-the-msi-gx60-gaming-notebook/4
No matter what settings are used, metro LL is barely playable. Contrast that to the i7 and 675mx which is playable in every game albeit with reduced settings. Many other games can't get over 40 fps.
GPU depreciate very quickly as well, spending money on a i7 920 and a 4850 way back in hindsight was a much better decision than a Q9400 + 4890.