Wow a lot of good discussion happening here. As for me, I care about the musical aspect of hip-hop way more than poetry, but recently have started trying to pay more attention to lyrics. When I first evaluate an emcee it's always about his flow, phrasing, sound of his voice, rhyming styles (i.e. alliterations, internal rhyming, multi-syllabic etc), and uniqueness more than the content of his lyrics, though definitely somebody who says something meaningful to me puts him over the top. But bad lyrics, unless they're really bad, don't stop me from listening to stuff I don't identify with, like a lot of west coast rap, some of the wu-tang clan etc., as long as the other things are there.
The original reason I came to this board (which I used to lurk back in the day, before brawl came out and I stopped smashing) and thread was to share my mashup album(s), Raptendo 64, which is exactly what it sounds like. Seeing some of the hip-hop taste here I think a lot of you will enjoy it, you can read more/download here:
http://pkmao.bandcamp.com/album/raptendo-64-vol-1
(hopefully this is the right place for this, didn't want to create a new topic if that might be viewed as creating an account to "advertise")