Yes it will.

Importance is relative. You can use the number of blocks to calculate some statistics. Also, if you press ctrl+[numpad+], you will see the serial number and hash of the blocks. (At least on windows).

Where it says “# blocks” in the status column I’m changing it to say “# confirmations”. That might be clearer.

If you doubleclick on the transaction you get a little more information.

36,547 total views, 3 views today

https://bitcointalk.org/index.php?topic=28.msg160#msg160