It's virtually essential
Monitor calibration is pretty-much essential, though a royal pain in the backside to do (unless you want to lay out hard cash for a calibration tool). I do a fair amount of product photography and more than half of the complaints regarding colour mis-matches are due entirely to client monitors being uncalibrated. It can take a little while to do, though if you have an nVidia card you should have some software on the support CD that can run you through a Wizard to set the monitor fairly well (maybe ATI has similar as well). The end result can be an eye-opener though - well worth spending the time to do.
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