
I found an excellent definition of Web Standards which defines web standards as: Standardized specifications for Internet markup languages such as HTML, CSS, and XML. Formulated by the W3 organization, these standards enable people to create websites that will work in almost any browser or internet-enabled device, instead of being specific to certain versions of Internet Explorer or Netscape Navigator.
Webs standards is very important in my opinion as it allows the world wide web to be accessible to everyone. If a web site does not have these standardized specifications then people with visual impairment may not be able to see the graphics, people with a hearing impairment may not be able to hear audio that you have on your website, and also if your web site is poorly laid out and not easy to navigate through it then people who have a learning disability or who does not have English as their native language then they might find it difficult to view a certain website.
So all in all, I feel that anyone who is setting up web site should take in to consideration web standards. Everyone no matter if they have a disability or not should be able to view your web site. Also the more people who can view your web site the better it can be for your business etc.