Do you think cap rates don't matter in CRE?

[Shane Thomas]

Cap rates are arguably one of the most fundamental metrics in commercial real estate investing AND probably one of the most debated and misunderstood topics in this space...

Lately, I have heard a lot of discussions around "cap rates don't matter" 

Which was surprising to hear. 

When I started off in this industry, the understanding of cap rates was crucial for garnering any respect in this business.
It is common to think of cap rate as a number represented by the following formula:

But I believe the best way to think about a cap rate is as a measure of risk. All investments involve risk and evaluating risk is what prudent investors do best. 

Most investors are buying property for cash-flow (i.e. income). If you are buying income producing property, then I believe cap rates DO matter and I explain why in the article below. 

I'm interested to hear your thoughts on this!
How do you think about cap rates? Their importance, especially in uber competitive markets?