I'd say a good blade/edge and technique are still more important. A good lather won't make a shave without a good edge and technique/skill, but I could get a passable shave with a poor lather.
Having said that, lathering up a good soap/cream and enjoying the scrubbing and scents are what makes shaving an enjoyable daily activity.
Having said that, lathering up a good soap/cream and enjoying the scrubbing and scents are what makes shaving an enjoyable daily activity.