of course hubs are important. why wouldnt they be?

ever ride a bike with f'ed up or super tight bearings in the hubs? you feel plenty of resistance.

a formula hub -- or an equivalent -- is all anyone on the street needs. anything more than that is just aesthetics and bling-factor and weight-weenyism, unless you ride on the track.

high vs low flange can affect ride quality / stiffness.

cheaper hubs have less durable flanges and poor threading.

if you want maintenance, go with loose ball. if you dont want maintenance, go with cartridge.