Most Important?

Has anyone even considered the room in this thread? About 50% of the sound we hear is indirect--coming from the speaker interaction with the room. Putting a small investment in the room can frequently yeild results that could not be had for 10 times the cost in equipment.

Just a thought. (Yes, I'm biased on this subject)

Shadome--sorry I missed that in your second paragraph. I should read more carefully. I will say that I do subscribe to the "weakest link" theory to a large degree. The system should work in balance and great speakers with a lousy source or lousy speakers with a great source--well you'ld probably do a lot better to have moderate speakers with a moderate source. By in large however I find that the room is the gating factor to how good a system can sound. A medium system in a great room will outperform a great system in a bad room hands down.