Compensation is certainly more important than titles. However, titles have a certain value, especially if you are forced to change jobs. In my last job, I started as Public Relations Coordinator and that was changed years later to Director of Public Affairs.
Another association, which represented the chemical industry and another oil and gas association in another state, gave my position the title of Vice President.
Which looks more impressive on the resume. Also, if you stay on the same job for any length of time with the same title, even though your duties might have changed or increased, future employers will possibly view you as a person who is content to stay in one safe and secure position and not venture out into new areas. If they bother to read the resume, they will see how the scope of the job has expanded. However, too many stop at the title. Therefore, compensation pays the bills and lets you support your family, so that has to come first, but having a title that accurately matches your responsibilities, and duties can have benefits in the future.