Is a good pedagogical example for teaching and illustrating finite groups properties. And is a famous 3D game!. But is not more important than rest of examples in group theory and mathematics.
Rubik cube is isomorphic to the following finite high order group,
$$(\mathbb Z_3^7 \times \mathbb Z_2^{11}) \rtimes \,((A_8 \times A_{12}) \rtimes \mathbb Z_2)$$
Is not more important that others high order groups like monster group http://en.wikipedia.org/wiki/Monster_group, monster group is of greater mathematical interest that the rubik cube since the monster group is a simple group with too many elements.
The fact that the order of an element in a group divides the order of it, can easily illustrate with a rubik cube when you are teaching groups. Take a solved rubik cube and make any combination. For example moving two adjacent sides. Repeating this combination in theory should get to cube armed again since the group representing the rubik cube is finite. (it takes 63 repetitions. Try it!)
Here is a java animation showing a maximal order combination (order 1260)
http://www.rubikaz.com/ordmaxcomp.php