Why is this work so important though?
This question deserves a complex answer that I'm not equipped to give (as I'm not a Hemingway scholar); but I can give a simpler answer that I give to students when I teach Hemingway in a survey course of modernist and/or American lit.
I usually say that Hemingway is notable and his work is important for two reasons: one is his lifestyle, which affected those around him and made him something of a tidal wave in his contemporary literary community (I'd also say that later writers like Burroughs, the Beats, Hunter S. Thompson, etc. modeled their lifestyles on Hemingway's).
The second (and more important) reason is his writing style, which has been hugely influential on later writers. Basically, it was a show-don't-tell approach; Hemingway believed that a story should be told as directly as possible and in as few words as possible. He shied away from the experimentalists of his day (the Joyces, Faulkners, Steins, Woolfs, etc.), even if he still respected them. His style has also had ripple effects throughout later generations. For instance, I don't think creative nonfiction (i.e. Capote, Thompson, Mailer, etc.) would look the way it does if it weren't for Hemingway; and I also credit his style with influencing major postwar writers like Updike, Roth, and Bellow, not to mention swathes of realist writers since WWII. Most mainstream fiction published today is indebted, to some degree, to Hemingway's style.
Do you get much time to read for pleasure vs what you need to read for your profession?
Yeah I do, especially now that I'm out of coursework and basically just doing research and teaching. Obviously research dictates what I read to an extent, but I also choose the projects I work on; so in a way I pick the books.
I've had more time lately since I finished my dissertation. Bolaño's
2666 is just taking me a while because it's almost 1000 pages long.