The Methodical Songwriter

I think the importance of lyrics are different for everyone. I don't hold too much emotion to lyrics as I do melody. My wife on the other hand can hear a song that does not draw a melodic response, but the lyrics are meaningful, and she will love the song. Like John said, it depends on the genre. Also, a set of lyrics that seem very silly to one person may be very meaningful to another person. It is tough to draw the line between what is a good, meaningful lyric and what is not.

A good story. I can always draw from a good story and my own emotional draw.

In my opinion...both! Take Plush by Stone Temple Pilots for example. He wrote the song referencing both a news article and his own personal experience. I think that you can pull your own personal experience and feeling into a song, but keep it "mystical" enough that it is not just the same thing everyone has said over and over again about love and heartache. Sufjan Stevens also does this well with his states projects. He mixes historical facts with his own personal experiences.