It's basically the closest thing we have to discovering the Library of Alexandria in a landfill. Academics familiar with it throw around terms like "unparalleled importance" and "holy grail" and aren't trying to be hyperbolic. It contained a lot of other ancient literature that would otherwise be totally lost–most famously a Sophocles comedy and the poetry of Sappho–not to mention extensive details about everyday life in Egypt, Greece, and Rome. It also held the biggest cache of early Christian manuscripts ever discovered.The good work by that army of amateur papyrologists in the Ancient Lives Project is bringing this important collection of manuscripts quite a lot of welcome attention.
Background on the project and on the Oxyrhynchus papyri in general is here and here and oh so many links.