How important is attribute point distribution?

[IndigoDarkwolf]

The subject heading basically says it all. Obviously I expect there to be some difference between players who min/max their stats towards the classes they like to play, but how important is stat distribution actually?

At high levels, will a player who completely stacks Str/Dex be the only feasible physical damage dealers, while more balanced players get the "lolnoob" treatment?

Edit: I would ask the same thing about the element points. What do they even represent? I'd initially assumed elemental defenses, but do they also effect crafting or combat abilities? Would players be encouraged to stack their element points?