Ok ok I cant resist anymore.......This debate will never end as its ones opinion and very hard to prove. that being said here is my 2C!
Everything has a time and place. Everything matters to some extent. It's how we as anglers put together the puzzle and figure out how the fish are reacting to our presentation.
Personally I choose a bait based on conditions. Today that may be what color I think the situation calls for then choose the style, action and size. In this order all the time? NO! Do I think some of these matter more than the other? YES! But what the fish want now is going to be different than what they want in an hour, day, week.... so what matters most today isnt going to be what matters most tomorrow. Thus understanding the environment, feeding habits, predominant prey and fish tendencies should be on the top of your list.
Example...I fish a body of water here in CA that for about 2 weeks out of the year (Right before Prespawn) the only thing you can pattern a bass on is a RED crankbait. Can you catch a fish on something else? YES, but the quality and pattern comes from that red bait. It doesnt matter if you are throwing a Bomber, lucky craft or xyz bait as long as its a deep rich RED. I have won tournaments using this pattern. One where we had 23lbs for 5 and the next closest competitor was at 14lbs out of an 86 boat field. My nextdoor Neighbor is an FLW PRO and Tournament winner and he also swears by this. So my point is that during this time Color is the key indicatior not the action or other variables.
On the other hand I test my lures in my back yard and catch fish on unpainted cranks that are just sealed and looking like freankenstein. They have no paint or anything but still catch fish... so in this case Action is more than likely the leading contributor. Hunting lures I feel add to the realism of a bait and therefore only help the catching ability. Some lures truely out perform others and god knows I have had lures that I thought were the cats meaow until they got imploaded on a rock, piling, dock or one of my buddies favorite targets...MY MOTOR COWLING! But even when you have the diamond in the ruff if the fish are keying on other factors then action its not going to help you.