If you knew then, what you know now...

That's easy Sean--don't assume that more $$ equates to better sound. And don't assume that if you like component X from a certain manufacturer, you'll like their more-expensive component Y even more. In my experience at least, it turns out to be true less than 50% of the time...

My advice would be to wait/save and buy what you really want (really want but can honestly justify the purchase/expense of) the first time around. To buy a component with the thought that it will be upgraded (it will do for now) will mean that you will never be satisfied with that component and that you will lose money down the line when you finally do upgrade it. I just went through this thought process with power cords that I plan on updating and decided to just bite the bullet and buy the ones that I "really" want. This decision for me entailed seeking approval from my wife and auctioning a few pieces of art from our collection to finance the cables. Had I used this thought process over the past year I would now have a much better system and would not have wasted a lot of money on gear that has since been resold (at a loss) or given away as it was no longer being used. I am also very frugal and don't believe in throwing away money either. A good example of this was when I purchased an equipment rack for $150.00 which was on closeout at AA and had the bolt together frame welded into a one piece unit by my auto mechanic. I feel that it is as good or even better in some aspects (it came equiped with upturned brass spikes for all of the shelves as well as brass floor spikes) than the $600.00+ racks that I looked at locally, plus with the money that I saved I was able to order Neuance shelves for the rack. This I feel saved money, but there was no compromise as far as the sound quality goes, so I am happy. The speakers that I have always wanted to own are the long discontinued Gallo reference speakers on Barcelona stands. I like their sound as well as their artistic design and consider them to be both Hi-fi and art. Other than a speaker kit that I would like to build (for the hell of it) I doubt if I will upgrade the current Reynauds until I can both locate and afford a pair of the Gallo's. By not buying a bunch of speakers in between this should be an easy task to accomplish. If you don't own any gear at all and are just first putting together a system this is a hard road to go, but if you are upgrading an existing system then this concept can be used as each piece is upgraded. This plan will not work for people that thrive on building new systems on a continual basis, but will do fine, I think, for those that wish to complete a system to their satisfaction and then sit back and enjoy the music. I personally get a kick out of reading about what gear the other members here pick up and assemble and hope that at some point in the near future I won't feel it necessary to have to continue the process myself. If that point never comes though, then I have a problem (though it would be a cheaper one than blow:-)

...I'd have taken more time and effort in attempting to understand my own musical tastes,needs and desires.
I wish that I had much earlier set up an idealised musical goal and a path to achieve it rather than flitting about with ever more expensive hardware in some elusive and nebulous hunt for "better" and "more".
It was all too easy to fall into the HiFi trap of unending flirtations and unattainable expectations and forget that truely good audio is merely a personalized collection of appliances at the service of Music.
My greatest discovery was a simple one, applicable to many things in life: know thyself.
Best,
Ken

I agree with Dekay, I would be more patient. Instead of upgrading one step at a time, I would wait for my budget to grow and upgrade 3 or 4 steps at a time. In other words maybe buy 1 main item every year or two. Like replace the amp this year and then the preamp will just have to wait, That way I'd be able to live longer with the purchase and not have to go through the buying/installing headaches. Sean, you had a earlier post as to the headaches of setting up the system, and your right it can be a pain. So my advice is to try to have more patience than me, it will be much easier and more rewarding in the long run. Gotta go buy more cables. See ya.

I agree completely with all of the posts above. However, I will say that my botched purchases have taught me almost as much about audio as my good ones--at a price of course.

My two cents: I would have taken more time to make sure any components, cables, etc. purchased work well together--just because something is expensive and highly rated doesn't necessarily mean it will match with another piece of gear. And I wouldn't assume that what some expert (anyone) is telling me is correct--I would try for myself. Oh yeah, I almost forgot the most important part--when I do screw up--to smile about it, and chalk it up to experience $$!!