I fully agree with this. Far more important to me than a great algorithm is readable, maintainable, and well-structured code.
If your algorithms suck but your code is readable, maintainable, and well-structured, it'll be a lot easier to find someone who has a better knowledge of algorithms to come fix it. While, if your code is unreadable, unmaintainable, and/or poorly structured but has great algorithms, you'll have a much harder time finding someone to fix it (or even fixing it yourself).
Here's what Rob Pike had to say on the role of algorithms in programming (from the recent HN submission on the Basics of Unix Philosophy http://www.faqs.org/docs/artu/ch01s06.html )
"Rule 3. Fancy algorithms are slow when n is small, and n is usually small. Fancy algorithms have big constants. Until you know that n is frequently going to be big, don't get fancy. (Even if n does get big, use Rule 2 first.)
Rule 4. Fancy algorithms are buggier than simple ones, and they're much harder to implement. Use simple algorithms as well as simple data structures.
Rule 5. Data dominates. If you've chosen the right data structures and organized things well, the algorithms will almost always be self-evident. Data structures, not algorithms, are central to programming."