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Wow, Mike, this is an interesting topic. I don't think that there's a single reason that would make a film "important."

Birth of a Nation is considered important because it is considered to be the first feature film, despite the fact that George Loane Tucker's Traffic in Souls was produced two years earlier. The Jazz Singer was the first film that had sound. Citizen Kane broke conventional rules. They were important to film because they introduced new trends.

The 1970's were jam packed with films that were considered important because they made social statementsl; Coming Home, The Deerhunter, An Unmarried Woman, Kramer vs. Kramer, and on and on.

I tend to think that if a film motivates somebody, or perhaps even a nation, to action it could be seen as an important film. Casablanca is a good example. I can't imagine seeing this film during WWII and not being moved by the refugees drowning out the singing Nazis in Rick's. Many of Frank Capra's films were inspirational in the depths of the depression.

I think that there are quite a few horror films that could be viewed as important. And, the importance could be purely for their entertainment value. For example, the Universal classics gave the world iconic images that have become part of our culture like Dracula and Frankenstein. King Kong was certainly a technical achievement in filmmaking that influenced the way similar films were made for decades. And, I can't think of another film that preceded Bride of Frankenstein that had as much production value in it---including a wonderful Franz Waxman score that has been recorded and presented as if it were a symphonic piece. These films introduced cultural mainstays and moved the art of filmmaking forward.

I don't think a film has to have a social impact to be viewed as important. Great topic.