Having the right tools in the kitchen is incredibly important. A good knife makes cooking enjoyable. A poor knife makes cooking miserable, labor-intensive, and dangerous. A dull knife can ravage the food you're cutting, and if it slips off the food service and lands on your palm, it can cause extremely painful cuts. Make sure you equip yourself appropriately.
Recently, Chef Hal Decker of Masters Touch Kitchen posted this article. I think his advice is spot on. No need for me to say more.