As a talk show host, I love my producer. He is the one that can read my mind and know exactly where I am going, sometimes even before I do. He is always looking and even checking material during the show. Good ones are hard to find and I've met alot of talent that think the producer is their "bitch". A good producer is part of the show. Is the producer more critical than the talent? You cannot lift one above the other, the producer is a part of the total package. As far as a rolodex? Someone decent can figure out a way to get someone on the air. Having contacts is important, but not a deal breaker for me. Knowing that I can trust the person running mission control is.
In the overall sceme of things though, a producer these days also has to wear more than one hat, just like talent. Thankfully, mine can engineer, set up a remote, host a remote, cut commercials and even fill in for me in an emergency. I'd take a pay cut if it meant saving my producers job, it may be my show but my producer is a part of my show.