My wife learned to deepthroat me; it took her a couple of years to finally master it. She's the first woman I've been with who has been able to do it — and yes, it feels amazing. Just like the penis likes to be fully inside the vagina, it also likes being completely inside the mouth.
I used to give blowjobs to my best friend. He was modestly endowed and I quickly learned to deepthroat him. He's always said I gave him the best head he ever had, and the way I could deepthroat him was a big part of it. I still love to practice on realistic dildos and I love the way it feels to have my mouth/throat so filled up, as well as the thought of what it would feel like to the receiver.
Like any other sex skill, it's not everything. If you can't or won't do it, you can still give great head, and even if you can do it, you could still give lousy head. Deepthroating is just one particularly wonderful skill among many.