From ethical standard's point of view, anyone who had intellectually contributed to the manuscript will be listed as an author. If not, they can be acknowledged for their help. Usually, those who prepare the first draft will be considered as the first author and study PI (principal investigator) will be the last/senior/corresponding author. If two junior investigators contributed equally, they could insert a star or other symbol next to their name and give a footnote to tell others that Dr. X & Y contributed equally to the work.
Coming to your specific question, being a first author might be important for people who are seeking a PhD, post-doc, or getting their first academic appointment, etc. Other than this, it doesn't really matter what the author position is!
For example, the citation metrix is meant for the journal article, but not the author per say. Hypothetically you have written 10 first author article, which are less cited vs. you are a third or forth author in 10 papers which are extensively cited - which scenario do you think might be important? The more the articles are cited, more popularity and recognition in the field would occur.
Although the PIs normally listed as a senior (last) and corresponding author; if they wish, for specific landmark studies, they would act as the first author. This is important for future funding applications.