$e^{i \pi} = -1$ is just a poetic elegance. However, the fundamental meaning behind it is more than just poetic.
The equation that really matters there is $e^{i\theta} = cos(\theta) + i sin(\theta)$, from which $e^{i \pi} = -1$ is nothing more than a quick substitution.
I can define any number system I please, I can add i, j, and k, or do anything I want. However, what makes some systems of numbers "special" is that they follow the "rules of arithmetic." These are special because mathematicians can use them without having to remember the identities for a whole suite of number systems... they can just remember the identities for addition and multiplication... and assume that they still apply (with just a handful of special cases to memorize)
There is one system, complex numbers, which gained great interest because it made a lot of equations simpler. It also happens to follow a lot of conventions that mathematicians like. For example, there is an operation called $+$ which allows you to assume $a + b = b + a$, without having to remember if that operation was valid on your particular number system.
For a while, it was easy to show complex numbers defined two operations which met all of the same rules as $a + b$ and $ab$ in real numbers. However, there are a whole suite of transformations mathematicians love to use, but they needed more power -- particularly they needed a concept of a power tower. Power towers are the natural extension of the pattern $ab = a + a + ... a(b times)$ $a^{b} = aaaaaaa(b times)$. In common notation, $^{b}a = a^{a^{a...}}(b times)$ and $_{b}a = ^{^{^{^...}a}a}a(b times)$. And clearly that pattern can be done endlessly.
Mathematicians wanted to find a definition for exponentiation with complex numbers. Euler used a neat tool called analytic continuation to bring logarithms to complex numbers, which naturally provided exponentiation. Without going into the details (I'm fuzzy on them myself), analytic continuation can either show that there are any number of possible "meanings" for an operation, or it can show that they all converge, such that there is only really one "meaning" for an operation, with several ways to get there (just like how $ab$ only has one value, even if you calculate it with repeated addition).
Euler not only showed that $e^{i\theta} = cos(\theta) + i sin(\theta)$ provided a valid definition for complex logarithms, he showed that all possible equations must converge on the THE value, such that $e^{i\theta} = cos(\theta) + i sin(\theta)$ can be thought of as the ONLY definition of exponentiation you need.
By doing this, he let us expand the list of things we can do with complex numbers from addition and multiplication, to exponentiation, logarithms, and then proved that, if one continued to define things like power towers, the method he used would generate a meaningful operation.
Phrased another way, with no math but waxing poetic instead, when it came to complex numbers, mathematicians were breathing through a soda straw, until Euler taught them how to breath fully.
By the way, I still find the identity awesome. Thanks for the responses everyone :)
– Thomas May 30 '14 at 18:46But when you measure angles in radians, you're not dividing the angle into multiples of some arbitrary unit. You are measuring the length of the subtended arc.
– MJD May 30 '14 at 19:13