Truth be told, I'm really not that fussed about lyrics in music. I mean, if I wanted to focus of a series of words, I'd read poetry. Not that I can't appreciate great lyrics in music, there's certain artists as well who I feel need to have great lyrics in their songs (Bob Dylan, Morrissey etc) but I would never convince myself that an awful song with great lyrics was actually really good or vice-versa.
I do like lyrics to reflect the tone of the music though. For example, if the song is upbeat I'd expect the lyrics to be upbeat as well and vice-versa. Of course, there is the New Order thing of happy music/sad lyrics but I've never honestly listened to a New Order song for it's lyrical content! And there's probably some band out there who do really maudlin sounding music but give it happy lyrics, though I can't think of any artists like this off the top of my head!
Also, when it comes to Hip-Hop I understandably like it to have good lyrics too, but the production is just as important I feel, I can let, say, Snoop Dogg in his early days off for his slightly generic lyrics thanks to Dr. Dre's awesome production. It doesn't work the other way though, a lyrically good hip-hop song with awful production would probably rank in my books as a bad song.
Lyrics do occasionally move me, and I like it when they do so, though I've realised now that you don't actually need lyrics in a song for it to move you. I think it was probably Brian Eno's music which showed me that mostly instrumental tracks can be just as, if not more, moving as something with vocal in it. There was a point where I expected all of my music to have great lyrics, but I feel I'm past that stage now. So as a result, for me at least, lyrics don't really mean all that much in music, but I can appreciate them if they're good.