I think debugging using print statements is a lost art, and very important for every developer to learn. Once you know how to do that, certain classes of bugs become much easier to debug that way than through an IDE. Programmers who know this technique also have a really good feel of what's useful information to put in a log message (not to mention you'll actually end up reading the log) for non-debugging purposes as well.
That said, you really should know how to use the step-through debugger, since for a different class of bugs it is WAY easier. I'll leave it up to the other excellent answers already posted to explain why :)
