I understand the motivation of 14 y.o. pitchers -- and fathers of 14 y.o. pitchers -- to want to know their son's velocity. I went through the same thought process myself with my son at that time. After all, these kids are looking to get a spot on the high school team, so they feel they need to know.
I found velocity very important in determining whom coaches pitch as freshmen in high school. When Bum, Jr. was a freshman, there was one kid that maybe threw 1-2 M.P.H. faster, and he was also a big kid (3-sport star). Bum, Jr.'s advantage was that he was a LHP--and had pretty good velocity as well, maybe 70-72. As the years went by, he worked very hard on velocity and became the ace of each school and Summer team he played on. And some of you know where he's at today with hard work. The big kid? He dropped out of baseball, blew out his knee playing basketball.. but that's another story.
If you're 14 y.o., or the parent of a 14 y.o., I will give you the advise I have given others: Velocity is not the show. It is the ticket to the show. You must be obsessed with velocity, but you must be equally obsessed with the art of pitching. Again, the concepts are not mutually exclusive. However, please don't think that, if you don't have superstar velocity at 14 y.o. you can't get it if you work your tail off. Some kids get it later. Some never get it. There's no rhyme nor reason to this thing.
So.. now that you know velocity is important, what are you going to do about it? How are you going to go get it?