Importance of the College GPA

In Engineering (at least Computer Engineering) a lot of companies have a hard cut-off (normally 3.0, sometimes 3.25 or 3.5).once you reach their cut-off the rest is Work Experience/Research, clubs especially onces related to your field (particularly if you hold a leadership position) and some volunteering never hurts.
If the company likes your resume you will get an interview in which you must sell yourself with personal projects (or school projects) showing that you both know about and are interested in what they want you to work at.
So the GPA only helps to reach that cut off to get an interview. Past that is all you and the GPA is no longer important.