The recent OKCupid blog, which gwern mentioned in Media Open Thread, investigated the impact of three different factors on users' perceptions of each other: authority (reported match %), profile text (present or absent), and looks.
On the bright side, the authority versus reality match-up came out tied:
If you don't consider that a good outcome, you're not yet sufficiently cynical.
If a picture is worth a thousand words, what are a thousand words worth?
... Approximately nothing.
And the winner is...
The issue isn't whether looks are objective (clearly they aren't,) but whether judgments of looks are more correlated among the userbase than those of personality.
(Actually, the degree to which personality is correlated is probably the more interesting question here (granting that interestingness isn't particularly objective either.) Robin Hanson has pointed to some studies that suggest that "compatibility" isn't really a thing and some people are just easier to get along with than others - the study in question IIRC didn't take selection effects into account, but it remains an interesting hypothesis.)