significance
The Lotus Sutra was revealed toward the last decades of the 2st century.
It plays a significant role in establishing the reform movement Mahayana, as orthodox. It has Buddha Siddhartha preaching the new truths that make Mahayana different from the old school (now know as Theravada). This is like appealing to Moses or Mohammed to preach and prophesy a new reformation movement as a "higher truth".
Mahayana Buddhism is born
LS introduces into Buddhism, Jesus language of our filial relationship to spiritual beings.
LS introduce to Buddhism, Jesus teaching of the Bodhisattva Path. The path of Loving-kindness.
LS introduces Jesus' concept of teaching in Parables to save souls. LS expands on the principle. Extends it to include how the Christ/Savior will appear to us as any of the gods, or a human, a child, a woman, or a spiritual being--whatever we may need to save our souls.
LS formally establishes concepts that Jesus taught in East and West, in a powerful Buddhist reformation movement.
LS was soon followed by several other sutras operating under the same authority. These sutras (Sukhavati, Diamond, Prajnaparamita, Heart sutras) fully establish Wayist teaching as a form of Buddhism. These lead to Pure Land Buddhism, Tiantai, Zen and other.