How important is election?

About two years ago, my pastor did a rather lengthy series on the doctrines of grace. I was brought up a Southern Baptist but, my theology regarding soritology (salvation) was largely Wesleyan. Not only was this teaching somewhat alien to my understanding but, it seemed to fly in the face of what I knew to be true. I also thought my pastor was giving this teaching of election a lot more time than it deserved. Since then, I have changed my mind do partly to conversation, Bible study and brilliant sermons by men like Spurgeon, Knox and Edwards. But the question remains, as to why the doctrine of election is so important. Why do some of our over zealous Calvinist brethren seem to harp on this doctrine almost to the exclusion of all els?
It is not because the sovereignty of God hangs on it. God could provide salvation for man in any way he wishes. If he wanted he could give us a temporary grace of faith and leave it up to us to effect salvation with it and not be any less a gift from God. So election is not the means by which God remains sovereign but, because of His sovereignty he saves the sinner by means of election rather than leaving it to sinful men to use the gift of God to effect something good in our fallen state.
One important reason to teach the doctrine of election is that it defines our view and understanding of both God and ourselves. we can worship and appreciate as our Lord because he is able to do what we cannot do. Otherwise why would I or anyone els, in the deepest, trues part of our souls see God as the god that he truly is? If He can only do what I can already do, then He is Not worthy of all worship, honor and praise. If He does not lovingly save sinners by Divine election, then he is not a loving, merciful, redeeming Lord but rather, a cosmic bully who demands that you capitulate to Him by virtue of intimidation.
I think the most important reason for the high place givein to the doctrine of election, is that the doctrine of perseverance of the saints hold tight to it. If God is not the sole proprietor of our salvation, then He is not able to keep us through eternity. In Baptist churches we call this eternal security How can God be solely responsible for our eternal security if He is in partnership with us in His efforts in saving us? It is because God alone purchased me at the cross and saved me at age 8, that I can believe wholeheartedly believe that He can and will keep me against the great day of the Lord.