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There are exceptions, I've dealt with some excellent estate agents, as well as some truly abysmal ones.
I think it matters more when you are selling, and the good ones will quickly become apparent as they'll have done some research, will have a list of potential buyers they'd expect to get in as soon as you go on the market and will also detail their marketing plan to ensure you get as many viewers through the door as possible.
andyp
Unless the Agent is an old hand as has some secret blend of herbs and spices to be able to justify and actually sell a decent sale price on behalf of the vendor, then they come under the chocolate fire guard area of usefulness in my book. Without exception during my viewings and musing about buying a flat, they were all vacant, useless twats with about as much knowledge about the conveyancing process or even the local housing market as the more daft one of my two cats.
But as you say, this was in London. The only other experience I have is rural NI, which was also shit.