Assallaamu alaikum,
The importance of following the way of the companions is such, that it could be the determining factor between Paradise and Hell. Allaah says in the Qur’aan: “Whosoever contends with the Messenger after guidance has clearly been conveyed to him, AND FOLLOWS A PATH OTHER THAN THAT OF THE BELIEVERS, We shall leave him in the path he has chosen and land him in Hell. What an evil refuge.” (Surah An-Nisa 4:115).
Today, the Muslims have decided to take paths and ways of other than the companions, and have split themselves into many groups and sects. This is something that was prophesised by Muhammad(SAW), as being a sign before the Day of Judgement. However, the answer to this splitting was given to us by our beloved Prophet(SAW), and it is exactly in agreement with the above verse. The Prophet(SAW) said : "…the nation (the Muslims) will split-up into seventy three sects, seventy two are in the fire and one in Paradise. It was asked: ‘who is that one?’ He replied: ‘That which I and my companions are upon’ ". (Tirmidhee)
The ubandance of the Prophet’s sayings adds further weight to the understanding of the companions. The Prophet(SAW) ordered us that: “When (the mistakes of) my companions are mentioned, then with-hold.” And we should all note - particularly those sects who slander the companions - he SAW also said: “Do not abuse my companions, for if any of you were to spend gold equal to Uhud in charity, it would not equal a handful of one of them or even half of that.” (Bukhari) (Uhud = a mountain range situated north of Medina which reaches altitudes of 6,000 metres).
This is the comparison between us and the companions, and we should remember such a comparison before saying anything about these people. Some openly abuse the companions and others even go to lengths of calling them disbelievers. About such people the Prophet(SAW) said: “Whosoever abuses my companions, then upon them is the curse of Allaah, the Angels and all the people.” (Tabaranee)
By abusing the companions, one in reality abuses Islaam. This is why the famous scholar if Islaam, Imaam Ahmed said: “If you see anyone speaking ill of the companions of the Messenger of Allaah (SAW), doubt his Islaam.” One who hates the companions, their virtues and their understanding, is one who hates Islaam.