A - Absolutely must get done today
B - Should be done today
C - Would be nice if done today
A flag system does not handle that, as it's only binary.
As for what we're all talking about, Franklin-Covey has been around a while. Call it "ill-defined" if you want, but GTD is the new kid on the block, and I have to say that being on the receiving end of a GTD practitioner is an experience of urgency but not necessarily importance.
Call me persnicketey for wanting more functionality than a glorified laundry list of tasks. Some of us can actuall evaluate tasks and know which ones are the most important for the day, and not based on how long they take (which strikes me as a ludicrous idea).
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It just seems to me that if one only works on high priority items and has a continual influx of new tasks, anything more than a level or two down in the hierarchy should really be assigned to some other person, unless the priorities are always being shuffled.
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Ha! I would submit that this would be important data then. After all, if you take the alternative and are constantly doing all the little tasks that come in, you aren't getting the important things done. If that doesn't matter to you, wonderful. Me, I need more, and I guess my investment on this app was wasted in the battle against dogma.