Knowledge itself is not enough of a draw to stimulate the discussion needed to bring out some of the finer points of knowledge about the programs we're here to discuss. If it were, the concept of a discussion forum would become outmoded, and we'd all just be editing wiki pages about different subjects. (That infrastructure exists, but there's a reason it hasn't taken off and completely supplanted the discussion forum format.)
The community and positive reinforcement we get from other members of the community is what makes us want to share what we know and help analyze the information posted here. So you truly can't have the level of information we provide without the strong community aspect that exists here.
Of course, if we were just a place to hang out and shoot the breeze without any core information or reason to come, things would wither and die, since we could probably all find better places to socialize (such as Facebook or even--gasp!--in person), so you can't have the level of community we have here without the information that gives us the fodder to talk about in the first place.
So, I'd say both are equally important, and you really can't have one without the other.
As for me personally, though, as I've spent more time on FlyerTalk, the friends I've made here and the relationships I've established have increased in importance in my personal life, even as I find the rate at which I learn new information slows.
I am still learning new things daily, though, and there is a ton of information about other programs I haven't even begun to scratch the surface of, so information is still important!