Yes. It is more important than crit, IAS, or strength/intelligence/dexterity (whatever your main stat is). It doesn't matter if you have all the dps in the world if you can't actually touch anything before they one-shot you.
It was the same in Diablo 2 Hell mode. I was pulling my hair out as a rookie D2 player in Hell. I couldn't figure it. When I added resists over damage, armor and life, I started tanking like a boss. Same thing shines through with D3.
Unless you decide to go 100% glass cannon, resist all is one of the strongest stats you can get. I got ~800 (buffed) on my defensively oriented wizard.
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