In general, musicians can be divided into two categories. They are either recognized for their musical ability or their lyrical content.
Some artists bridge that gap.
The Beatles come to mind. Depending on what album you look at, U2 probably falls in there, too. But the majority of pop musicians fall into either one or the other. The Rolling Stones are an ideal example of good music with something to be desired in the lyrical department. And more recent bands like Pavement seem to take lyrics as a secondhand profession, throwing words together in a frequently nonsensical jumble.