Does PR matter?

A few weeks ago my friend (who is also a PR major) and I were discussing if PR was actually an important part of the business world.  In my opinion, I'd be wasting time in this major if I felt it is not important.  Without PR where would any company be after a crisis?  Furthermore, would magazines and newspapers ever have stories to write?  

I think the challenge we have as PR majors is that there are so many different directions that this degree can be taken... very different from many other majors that exist.  And explaining the fine lines that are drawn between marketing, PR, and advertising-especially in a Integrated Marketing world- makes this even harder to explain PR.

I am curious to think of what other people think.  Obviously, if you're reading this you are probably a PR major, too.  So, is it important?  And is there a way we can prove ourselves?