Its like college sports, you need the grades to be eligible.
You think pro teams were looking at Michael Jordan's GPA?
I know some people who got kicked out for poor grades at ACCD, not academic classes either.
Good marks sometimes represent how you work with your instructors and other students..
Ultimately, it doesnt matter at all.

Ultimately it DOES matter!
Exactly how many times have YOU been part of the group deciding whether someone gets a job or not????
I have, MANY MANY times.
If you haven't, then we know what your opinion is worth on this issue.

the OP asked a question. Im my opinion it doesnt matter that much.
Generally speaking, an awesome portfolio with an average GPA is going to get hired over a Honors graduate with medicore designs.

Just my 2 cents

Having sat on both sides of the desk I obviously agree with Aflo and F1-2 that grades (and to a larger extent correct spelling -people who expect us to take their 'Protfolio's seriously are avin a bubble bath) are factors, but we generally go with the quality work and only really read the CV bit if the sketching and rendering are horrible and we want a laugh at their punishingly detailed recollections of working as a non-food section team leader in Tesco in 1999. Its ALWAYS Tescos. Always.

JD, when did you get hold of my CV?