Frame makes a bike. Wheels make the bike move. Both need to be around equal quality for an enjoyable and reliable ride but it's really hard to say what's more important. You need to have it all balanced. $400 wheels on a $100 Nashbar frame? Not necessary. $100 wheels on a $600 steel touring frame? Probably not a good idea.

It's the same with all other parts. You're not going to put XTR drivetrain on a $200 Wallmart bike or Tektro parts on a $1000 Yeti frame. There needs to be a balance and certain match up of quality.

As others pointed out: a rim is a part that makes the wheel. The spokes, the nipples and the hubs and the quality of the build matter here. You can have super-duper rims, spokes and hubs but ****ty built while a good wheelbuilder can build a set of wheels for $100 that will outperform and outlast your super-duper wheels.

There is no need to go overboard with wheels for most commuter bikes. I have a set of wheels on my commuter built around entry level Mavic rims that was under $150 and they so far can take all the abuse I have to offer. After a year of loaded commuting not a broken spoke and still perfectly true.

So price doesn't always equal quality. You don't have to spend hundreds on commuter wheels. Even wheels built around cheap components will last years if built and tensioned by someone who knows what they're doing.