My experience is the quality of the recording is at the top of the list. You can’t make bad engineered recordings sound good regardless of your room or system IMHO.
And the biggest influence on sound quality is...
The quality of the recording itself.
Then the room, the setup, the speakers, and lastly the front end.
I've got recordings that make my system sound horrible, and I've got recordings that make my system sound absolutely wonderful.
None of the gear changes have had that much impact on sound quality.