I used to think water changes weren't nearly as important as they are and I had been keeping at least 1 tank for the past 15 years, usually 2. I'd moved and had to give away fish, lost them in moves, had some die, and so on. However there were times I did have the same for years, they didn't grow like I thought they should OR like everyone said they should. They still ate and swam around happy and healthy from what I could see so I usually just topped off the tank every week and didn't let it bother me. Maybe 6 months ago I got out of race cars (And you think Aquariums are expensive?) and started getting into aquariums more and more. I never really learned much in the past 15 years, I just fed them and kept the tank looking clean. In the past few months I've learned more than ever. I had never tested my water before, now I do it every week or two on all 5 tanks. After doing that and learning how parameters effect fish it's extremely important to do water changes, at least for me. I keep my tanks stocked, not just a guppy in 100 gallon so waste builds up quick. Now that I have a python it's quick and easy anyway.
The thing that really made me realize how important they are was a 10 second conversation with the boss at an LFS I frequent. I was looking at a display tank with some pretty large Cichlids of various sorts, I asked how old they were because they were beefy, he said all were less than a year. I was shocked and asked why mine didn't grow so fast because they are well fed and all much older. He asked what my water change schedule was like and this was before I knew the importance so I replied hardly ever I just top it off. He said there is your problem, the water quality is likely very poor even though it may be clear. He said he does 50% once a week and they grow like mad.
Again, I'm still no expert so the above may not be exact but it's my reasoning to keep up on the changes. Plus if I don't the Nitrates can get out of control real fast now that I test the water and monitor that sort of stuff.