Bottlenecking in terms of gaming is when either the CPU or video card is not a good match for one another.
For example: Lets say you have a GT430 video card and a 2500K CPU. This is a very powerful CPU with a very weak video card. The video card would be bottlenecking the CPU because its not a good balance, frame rates in games would be unplayable at anything above low detail settings even though you have a powerful CPU.
This situation can be reversed when the CPU is not powerful enough for the video card, thus the CPU will be bottlenecking the video card.
Bottlenecks may be large or small, depending on how out of proportion the CPU is to the video card, what game you're playing, at what resolution, detail settings, etc.
You're right generally video cards are the main factor in gaming, but that doesn't mean its a good idea to pair up a 5 year old Athlon processor with a GTX 670. Its basically a rule of thumb, because games can vary. Some games are very CPU intensive, most are not, this is why its said the video card is the most crucial factor. Whoever said its 75% video card 25% CPU, I doubt thats a scientific figure, since it depends on so many factors.
You want to find a middle ground, its not like a bottleneck is going to make your system blow up like a robot going haywire in a cheesy Sci-fi movie. Its not *that* big of a deal, but to get the best performance for your money, you want to try to keep the system as balanced as possible.