Interestingly, I think it becomes even less important in graduate school, since only about half of your education comes from the classes you take, and even less

Interestingly, I think it becomes even less important in graduate school, since only about half of your education comes from the classes you take, and even less for a PHD. After I get my masters, I expect I will be in a very similar position to a student who worked for those 2-3 years. He will be saying to employers, "This is what I worked on, and this is what I created, during my last 2-3 years," and I will be saying the same. The only difference is, I will have classes on top of that, and my work will be guided by an advisor, not a boss.