As a rank newbie compared to everyone else who has posted here, I would answer Odie's direct question with "knowledge". Knowledge is much more important to me in making progress.
However, it is how the knowledge is attained that determines how much progress I make. I can gain knowledge by reading forums - frequently adding more confusion than real knowledge. I can read books on turning. I can watch videos, etc, etc. Assuming for the moment that I take something in that I did not know before, I have gained knowledge, and I MAY be able to use that knowledge to progress. I can also gain knowledge by practicing turning. The problem with gaining knowledge by turning is that I may simply reinforce bad habits, and not gain any knowledge at all. (I know turners who are quite happy turning bowls that must be sanded starting at 40 grit.)
As to experience, it can help me make progress, surely. It can also simply cement in all the bad habits that I've developed. With no external source of knowledge, I will make no progress. As an aside, in my previous life as a legislative drafter, my colleagues and I would often criticize the guy who said that he had 10 years experience, when, in fact, he had 1 year's experience repeated over 10 years. Experience, to me, only allows me to make progress if I gain new knowledge from it.
Not to take this too far off topic, Odie, but one of the biggest, almost insurmountable problems with gaining knowledge of woodturning, and therefore having at chance at making progress is the fact that it seems that asking any question about technique, tool choice, sharpening, etc, of 12 turners will get you 13 different and contradictory replies. That said, while I will stick to my position that knowledge is more important to me in making progress, I will say that gaining that knowledge sure as hell is not easy.