There is not agreement in the literature where DIR is located precisely. In cadavers without inguinal hernia, DIR is located between MILP & MIP (Wan WH1, Tan EL. (Surg Radiol Anat. 2011 Jan;33(1):59-63) . Since, an inguinal hernia usually alters the anatomy to some extent, we have to take into account the findings of that paper.
Importance only during exams. Interestingly, a study to compare intraoperative findings with preoperative diagnosis only showed diagnostic accuracy of 82% among consultants and much lower for registrars and house officers. ( Sanjay P. et al,Clin. Anat. 23:848–850, 2010)
The deep ring is a hole in the transverse fascia, you can see it from abdominal cavity. And it is important only in that situation but you will see it with no doubt.