The CG may not affect ball reaction in a significant way for today's balls with strong dynamics, but it most assuredly cannot be ignored if you want the ball to be legal for sanctioned competition. I'd like to see all the folks who are so quick to say to ignore the CG to take 10 balls without a marked CG and drill them all up to be legal.
TheGom: It is unusual for the CG to lie exactly on the pin-MB line. For first quality balls, it should be less than an inch off the line, more than that and it may be a blem (2nd, X-out, pro-CG). For a right-handed bowler and today's strong asymmetrics, it's best to have the CG to the left of the pin-MB line (the MB to the right of the pin-CG line). That allows you to place the MB almost anywhere between the thumb and VAL or beyond without moving the CG too far from grip center. For a lefty, it's the opposite.
SH