Lw50...maybe so in the general context...but in the strategic context of now rather than then, it is very significant. While many NATO nations can be seen to have been backward in coming forward when the going gets tough since it was created..it matters more now than ever it did..and the UK will pick up some of the flak too given what we are doing.
More to the point too, the US is increasingly recognising that its own reducing ability to fund enough firepower means it must better focus it's efforts on the Far East and the North (as the ice melts). If the Europeans want to defend themselves and create stability focussed on helping our future economic stability...then we must do more rather than less...but most seem deaf to that message.