A Low CL rating being important is more a throwback to DDR and early DDR2.
There the frequency was lower (Longer Pulse width) so The timing was a larger factor. As 4745454b's Link pointed out there is very little diff between 1333 CL 9 and 1600 CL9. The diff between CL7 and CL 9 (at the same Freq) is nonexistant with the exception of select software and benchmarks. If Only $10 to $ 15 diff go with the best of the two, if more than $15, then go with the cheaper. (That said the link also stated 1600 CL 9 was the sweet spot for SB (set Base Freq) - Dumb me forked over for DDR3-1600 CL7, But whats $50 anyway's LOL. (More expensive when I bought.)
@ jaquith - I imagine you are referring to the Ripjaw lin. Don't really know why they changeed to Cl7,7 to Cl7,8. I bought first set (CL7,7,7,7, then seveval months latter could not find the CL7,7 so bought the CL 7,8. Low an behold Cpu-z shows the where stll Cl7,7. Any way both sets worked fin togeter. Even later bought the 2 sets 2 x 4 cl7,8 THERE is NO diff in performance between the CL7,7 and CL7,8