Company values is something I spend a lot of time thinking about. I do believe they matter, but as Sonia points out in her post, it is not about the fact that you have them written in big letters at the wall of you office. It's about living by them. And that all employees feel that they are a part of it, on every level.
I also think that as consumers become more aware of how companies behave, and realize that they do have power to make a difference, this will become more important. Saying one thing and doing another, it will not work in the future. Those who actually live by their well written core values, they are ones left standing in 50 years.