1 Peter 4 (especially 7-10) speaks of the end times, especially encouraging us to be sober minded so we can pray, continue loving one another and to use our spiritual gifts to the glory of God. He wraps up with exhortation to be strong during trials and persecution, and says that God is coming to judge, starting first with his own household.

1 Corinthians 12:28 lists the spiritual gifts, listing apostles, prophets and teachers first. It appears to me he places primary importance on these gifts, and in that order. Of course all spiritual gifts are important, and it's vital that we use the gifts we have, but in Eph 2:19-20, Paul says that the household of God is built on the foundation of apostles and prophets.

1 Corinthians 14:1-5 compares the importance of prophecy versus speaking in tongues, but more importantly explains that prophecy is valuable to the church as "he who prophesies speaks to men for their upbuilding and encouragement and consolation." Prophecy seems to include exhortation. Acts 15:32 seems to back this up: "And Judas and Silas, who were themselves prophets, exhorted the brethren with many words and strengthened them." Actual prediction of coming events happens also, but seems more rare.

Warning is also given to test prophecy and discern what is right and true versus what is false prophecy (1 Thessalonians 5:19-22 and 1 John 4:1). It seems quite a bit of the New Testament is devoted to debunking false prochecy, and false teachings.

In Acts 2:14-21 Peter talks (at Pentecost) about the holy Spirit being poured out upon the church, and that in the last days, many would prophesy. Prophecy seems to be more than a long lost gift of a very few, but rather something that is common, and representative of the final days. When Peter talks about "last days," it's easy to think he's talking about the final days before God comes, but that was obviously not the case, as nearly 2000 years has passed. His words could be interpreted to mean "last days" as in the final era after Christ came, or he could indeed be predicting a time near the end where prophecy and miraculous signs will be a warning from God that he is coming to judge.

So it seems to me that prophecy is a gift from God to exhort and build up the church. One with this gift has the responsibility of knowing and understanding the heart of God, and conveying that to the rest of the church so that we may know the urgency and the necessity of working to build up the kingdom of God and making all other things secondary. I think this is something that the church, in it's current complacency and submission to popular culture, badly needs.