How important is table position in poker?

I've noticed that experienced players often talk about the importance of table position, but I'd like to hear some real-world opinions. Do you find that being in a late position gives you a significant advantage, or do you think your decisions matter more than your seat? If you have any tips on using position effectively, I'd appreciate hearing them. It would be great to learn from players with more experience.

Position allows you to make last decision with most information as you see others making their decisions before you, while when you are acting first you have least information in hand.