In general, I do believe that articulation is over-rated. However it is still an important part of the overall vehicle build. The most important part is not really how much you have, but rather the quality of the articulation you have. I've seen trucks with crazy looking suspensions with a ton of articulation that do real good on the RTI ramp, but really suck on the trail.
With that said, most stock vehicles have fairly poor articulation as they came from the factory. Jeep YJ's are really bad and have almost zero articulation when stock and it really shows on the trail. A stock TJ, with more articulation from the factory, will walk circles around the YJ. Of course add lockers and the YJ will generally do better, but add lockers to the TJ and it will then do better, etc, etc.....
As mentioned, very little articulation can cause problems on the trail because the vehicle can lift a tire way off the ground or start getting tippy, while something with even moderate articulation can walk right through the spot and keep all of the tires on the ground.