This is was on the first things I struggled with. I kept thinking, but WHAT DOES this prophecy really mean?
I've started to read other Bible commentaries on the matter, simply to compare points of view. I'm amazed to see how logical and interesting the explanations can be. You have to remember the Watchtowers motives. They try to understand everything as if they are the center of Gods amazing plan. Their interpretations become very weak and far fetched because they try to make organizational history fit with Bible Prophecy.
For example, traditionally there have been four different ways to interpret the book of revelation. The Watchtower only presents its own opinion in its book, but there are so many others. This pick and choose method doesn't allow someone who really wants to study the books see what has been the interpretation historically. Most JWs are simply impressed that people could even come up with an explanation for this stuff and don't give it a second thought.
Personally I've enjoyed Albert Barnes commentary when it comes to prophecy. It has its failings like all commentaries, but he makes a good point here and there. Bible commentaries can at the very least, much more logical than a Watchtower book.
And to answer the question, I do feel that Bible prophecy is important but in a different way from what the Watchtower suggests. NT Bible prophecy gives me the sense of glorious things to come, things that are beyond any of us to fully understand. To use such glorious promises and announcements as a way to build faith in a man made organization i feel is absurd.