It depends on what you mean by how. The content certainly matters. The manner in which the content is delivered--whether you have a pastor in a suit or wearing blue jeans, for instance--is irrelevant. Faith, not works.
Incidentally, if you're so inclined, our Pastor did a sermon on this very topic not long ago. If you want to hear it from the horse's mouth, so to speak, I'd be happy to send you the link.
I'm talking about considerably more than the pastor's sartorial tastes. I've also known enough Protestants, and enough Protestant pastors, to know how painstakingly pastors are judged by their congregations on every aspect of their preaching.