They are very important, especially in a time where people are voted in just because of a marketing slogan.
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All it takes is a better slogan, a bored populace and a loss of faith for government to change. In Australia we went from John Howard (We decide who comes to this country and the manner in which they arrive) to Kevin Rudd (Kevin07). K-Rudd really isn't that much different from little Johnny.
Is that why so many congressmen and senators end up serving until they retire? Imagine that happening with a President.
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Congressmen and senators last so long because no one contests their seats, for reasons I've never fully understood (the money alone must be worth it!). The position of president always has good job applicants from all sides of politics.
Let's face it - Obama would have utterly rolled Bush. Bush might not have beaten Clinton, but Clinton would have had stiff competition from George Bush elder. You get better candidates when patience isn't enough to win.
Remember that the proposal is to remove the limits on the number of terms, not on the length of any individual term.