What is the true meaning of The Middle Way All the teachers and people I have read, talked with and listened to, emphazises that Buddhism is the Middle Way. 

Is this the right way to see it? If so, what is the most important or central aspect of The Middle Way?
In Buddha's time there was hedonistic indulgence and extreme ascetic practices. The ascetic practices was to exhausting bad Karma though inflicting pain.

Seeking pleasure creates fabrication through attachments hence resulting in present and future dukka.

Though through experiencing Karma (Sañcetanika Sutta) karma looses its potent this is cannot be achived through inflicting pain as Karma acts when it ripens (you cannot hasten or force the result) while artificially inflicting pain leads to metal instability and other new fabrications.

The middle path is restrain in morality thus abandoning one source of grave unwholesome Karma (reducing store of fabrications) thus cultivating a conducive environment to develop collected mind (due to non remorse - (Dasaka) Cetanā’karaṇīya Sutta, and Karmic calamities) to finally gain wisdom and release. (See comments [section 1.3] in (Ānanda) Subha Sutta for relationships moral virtue, mastery over the mind and wisdom.) Any experiences that arises should be used to eradicate metal influxes casing future becoming, i.e., not creating new fabrication due to past karmic and other experiaces. (Pahāna Sutta, Avijja Pahana Sutta 2) This is systematised as the Noble Eightfold Path initially in Dhamma,cakka Pavattana Sutta which was the Buddha's 1st disclosure. More thought explanation is found in the: Samma,ditthi Sutta