It matters. Of course it matters. The question is, "how much does it matter?". Fortunately, looks are not as important for men as they are for women. OkTrends has a great article about this:
http://blog.okcupid.com/index.php/your- ... ne-dating/
More importantly, dating is numbers game. If you talk to enough women, then you'll find one who will sleep with you or date you or whatever. For example, an ugly guy with no personality, bad breath no game and no job may have to, on average, talk to 200 girls before he finds 1 who will sleep with him. That's the worst case scenario. It only gets better from there.
What we try and do on this site is improve your odds. Looks are just one part of the equation. Can an ugly guy with good game sleep with a ton of girls? Sure, he can. He still needs good game though, and he may need to suffer through a few more rejections than the guy with both good looks and good game. That's life.
-Wolf