While that theory is sound (when focused on a single page, when the intent is to deliver utility content to a Google user) using old school SEO techniques on especially a large site spread out across many pages seems to amplify site quality problems, after recent algorithm changes, and so this type of optimisation without keeping an eye on overall site quality is self-defeating in the long run.
Description meta tags are important because Google might use them as snippets for your pages. Note that we say "might" because Google may choose to use a relevant section of your page's visible text if it does a good job of matching up with a user's query. Adding description meta tags to each of your pages is always a good practice in case Google cannot find a good selection of text to use in the snippet. The Webmaster Central Blog has informative posts on improving snippets with better description meta tags18 and better snippets for your users19. We also have a handy Help Center article on how to create good titles and snippets20.
Sometimes I think if your titles are spammy, your keywords are spammy, and your meta description is spammy, Google might stop right there – even they probably will want to save bandwidth at some time. Putting a keyword in the description won’t take a crap site to number 1 or raise you 50 spots in a competitive niche – so why optimise for a search engine when you can optimise for a human? – I think that is much more valuable, especially if you are in the mix already – that is – on page one for your keyword.
The ranking of your website is partly decided by on-page factors. On-page SEO factors are all those things you can influence from within your actual website. These factors include technical aspects (e.g. the quality of your code and site speed) and content-related aspects, like the structure of your website or the quality of the copy on your website. These are all crucial on-page SEO factors.