It's not hugely important, but it's helpful. Whether you open it or not also affects Knight Solaire's story arc and subsequently whether he's still around to help you with the final boss, should you wish to summon him. You need to offer 30 humanity to the Daughter of Chaos to be able to open it, so how easy that is depends on how you're farming humanity. I usually do it as soon as I get to her bonfire first time round, when I have 20 something humanity from the start of the game (to ringing the second bell) so it doesn't take very long. You also get a couple of strong pyromancy spells when you do all this.
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