How important....

i don't think they're important at all... we didn't have one.
i think if you do have one, casual and small is the best with just immediate fmaily and bridal party. sometimes people plan huge e-parties that are like mini weddings, and sometimes it seems like these are treated almost as 'fundraisers' for the wedding.. which isn't good. people shouldnt' feel like they have to get you an engagement gift AND a shower gift AND a wedding gift... its a lot to ask.
i think its important to celebrate, but it shouldn't be taken too far.

We had an e-party right at the '1 year till the wedding' mark. It was about 3 months after we got engaged. It was a luncheon at an italian restaurant with little favors and balloon centerpieces. No DJ, dance floor, florists, etc.

Sadly FH's family didn't come (they are OOT) which I was pretty upset about, but whatever. We had a good time! It would have been nice to have a backyard e-party out there as well, but apparently e-parties (and gifts) are unheard of outside of NY...

It is a personal decision -- what you can afford and if it is an imposition on your guests.

We are not having one -- it just isn't our thing. As for gifts, those who bought us an engagement gift are the same ones who would have been invited to the party. We are having FH's parents and grandparents over for dinner and to see the RH but it nothing formal. A few friends may come too.

no e-party here. i don't think they are important at all---they are just something fun to have.

if you can't afford it--don't do it! its okay to not have one

In my traditions- Typically the E-party is given by one of the parents so that the engaged couple have no expense..use that money they get as gifts as down payment for the hall.

Noone offered it to us so we didnt do it b/c we thought it we'd just go all out for the wedding.

OUtside of my tradition - I think its a good idea to celebrate your engagement and get family together. Thats what it comes down to.