How important it is to measure the page render/load time in web application

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When we test for the Performance of an Web Application what generally people concentrate on ?. Is it the http response time ?. Or is it the time page takes to load/render completely on client browser once after it receives the response from the Server ?.

What is measured generally across the industry ?. Do you have any recommendations in terms which should be done when ?

Do you have any tool recommendations for the same ?.

Can I use the Visual Studio Web Tests to measure the performance in terms of Web page load/render time once after client receives the response. or its just the http response time ?.

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