Knowing the efficency you get is important so you can accurately predict what your OG will be.
Say you brew a recipe with 10lbs of grain:
-If you get 70% efficency, you'll end up with an OG around 1.048 or so.
-If you get 80% efficency, you'll end up with an OG aorund 1.053 or so.
Which will change your ABV by quite a bit. It could be a 4.8% beer or a 5.5% beer, either way it'll still be beer.
What's important is to know what your efficency usually is. With extract, if you want a 1.060 OG, you just add X amount of extract. Assuming you added the right amount of water, you never miss. With All-grain, you need to what your efficency is so you know how much grain you need to make a 1.060 beer.
Once you know you get, say, 74% usually, you can use a brewing calculator, and it'll predict what your OG will be based on how much grain you use.