I believe details are the centerpoint of a story. Any story. Be it the color of a character's eyes or the texture of the brick below his feet.
By extension, I believe the lack of detail can add a lot to a story. It gives the reader the opportunity to fill in the blanks, giving him or her the opportunity to personalize the world based on their experiences. It's a lot like a dream like that: everyone you meet in a dream, you've met in real life, if only for a moment,
I've often said it's a lot like painting: it's not just the spaces you paint, it's the negative spaces you leave behind. The trick is finding the right balance.