Ok this will be a good thread.


What in your opinion is the most important part of a good 2 channel system. Or what has the biggest impact on overall sound. For example if you feel Speakers are most important, or Preamp, Amp, Source. I am not looking for a ss vs. tube debate, just what do you feel is most important.

I will start:
I feel speakers are the most important part. I know lots of you are going to say electronics, but keep it to one part, like Preamp, Amp, etc.
Steve
musiqlovr
Twl I understand exactly what you are saying and I cannot fault it one iota the source is the key but you know he who bangs the advertisng stick loudest and longest gets the wallets and that means speakers my friend.Keep on posting the truth.
Hey look guys. I did the TT test a couple hundred times at the store. I sold analog gear. Do you really think I'm not aware of a cartridge mismatch?

We did the demonstration to show the differences sources can make in a system. So that people could get the straight info, instead of the "buy better speakers" mantra from all the mid-fi salesmen. I could just as easily have sold them a $4000 pair of Isobariks, instead of a $1200 TT. But I actually thought enough of these people to show them the true facts, and demonstrate it, so they could hear it for themselves. They made the buying decisions.

These were standard TTs, using standard cartridges and such, that we commonly sold with these products. This was not some kind of trick to fool these people into thinking something that wasn't true.

I swear sometimes I think it's useless to try to bring any form of sanity to discussions like these.

If we used the same cartridge, you'd suspect cable mismatch. No matter what we used, you'd suspect anything except what you want to believe.

I've given you some accurate information. If you want to ignore it, go right ahead. Sometimes I just have to throw my hands up, and say,"Sheesh!" If I said the sky is blue, somebody on here would argue about that, too.
Paulup, really didn't think you disagreed either, just yapping and trolling. Sorry, should have not yapped so much and did more trolling. :)

I think your point is a very good one. How can we enjoy musical meaning on a car radio, and then can't sit down to listen to the same song on our stereos, because it doesn't "sound" good enough?

Context again? In other words, do my expectations of the component effect my ability to "let go" and get into the music? Or, another way, does my thinking mind's attachment to thinking about the gear sometimes get in the way of me enjoying myself? Isn't that a focus on form (component) and not meaning (music)?

Audiophilicus Neuroticus?

On the other hand, yea, some speakers make me scream from the room!! But then again, so do some car stereos. My car stereo, although not sophisticated/accurate in terms of "sound", is effective through ommission of too much distortion (causing my thinking mind to take notice to the incongruency), and gets harmonics pretty good. I agree, some speakers don't do these things even; in search of accuracy and only accuracy they may get distortions reduced but leave a sterile void space and carved images that only the analyzing, visually-orientated part of my mind would be drawn to. These types od speakers don't cause me to run for the door, but, in my disinterest, I do start walking there.
Asa, all you said was "you're right, ohn," right after Onhwy61 said what he just said. I don't think I disagree with either of you at all. I just said that there are speakers that can make even great music unlistenable, just absolutely destroy it. But, I've never heard an electronic component that could do such damage, which I think is relevant to the subject of this thread.

I enjoy music in cars too. Those little cheap speakers arent trying to do anything creative to the music, just pass it along as faithfully as they can within their limits, obviously FR restricted and dynamically compressed. That's ok, not really damaging.

Paul
I said, "great music is still great music even on bad systems". The emotional content inherent in better quality music is not derived from its sound.
Oh, Paulup, did I really say that? Hmmm. Yea, I do jam away on the car radio, and we know that's no good as a component, ie, presumably your "bad". But then again, are we really talking about being that "bad" in componentry? I start out with a hybrid amp with volume control above because I think less than that would be a waste for someone going down our road (my girlfriend is not going down our road, so something more "bad" would be OK; its context dependant, our context being our path).

I said that something may SOUND great on a great system, but if you don't have a will towards the musical meaning - and hence, presumably, a music collection that is reflective of that will and not just great components - then you are kinda wasting what you built.

On the other hand, isn't this a moot question as far as experience? In other words, do you actually know someone who has a great system - defined as one that involves you deeply in the meaning of the music - that doesn't also have a nice collection of music that can help get you there? What person possesess the will to build "great" in a system and then not build "great" in the medium? I don't know anybody like that, and I think where that problem arises, and why people site it, is from the circumstance where a system is built in an accurate way with accuracy of sound prominent as a will - objectifying sound, even if done well - rather than a system that balances accuracy, provides it sufficiently to enable the mind to go deeper, but doesn't become attached to that accuracy at the expense of the deepening receptive musical experience. In those types of systems, many times we see Stereophile-approved components strung together but no "great" music collection. Again, this is a symptom of the mind focused on things - stereo component things, sound as things - and not a will to let go of the mind that wants to control things and, thereby, deepen into the meaning. The mind like that goes for the more impressive things first and predominantly - the components rather than the music - because such minds orientation is towards the exterior; as in, producing covet-ing in the exterior other person. This is also why you can see a correlation between system character, and egocentricity and materialism in the mind that built the system/musci collection. Or, in the case you cite, an imbalance between system and collection.

Just something to think about...
Twl's controlled environment comparison of turntables and speakers leaves me wondering if there was a good match of the Linn TT/cartridge with the Naim and poor match with the Rega.

Was the Rega TT with the Goldring cartridge and the Naim gear the typical combination you used in that store for demos? What were the customers shopping for who heard the comparison and what did they buy?
Twl, I do Buddhist chanting twice, 3 times praying, 4 times kowtow, 5 times go to church (Christian/Catholic), 6 senses all ear up to ask One question. So please don't feel offended. Thanks.

"I know that we have widely differing opinions on just about everything, but I am just now finding out how wide those differences are."

How wide are those different opinions?

-----------------------------------------------------------

Asa, I meant; IT IS... NOT, NOT NOT...
LOL. Let's see, up above, Onhwy61 says "great music is still great even on bad systems," with which Asa concurs. I'm not sure I would go that far, saying that really bad phono cartridges or really bad speakers can make even a good recording of a good performance unlistenable, whereas I've never heard a cd player or amp that bad, so bad that a good recording would be unlistenable. I've heard lots. Even a cheap portable through headphones is enough to enjoy a good recording. But there are speakers and phono cartridges that do real damage.

Now, if you don't care about accuracy, then you don't care about high fidelity. "Fidelity" - get the idea? Expressiveness is for the performers, and maybe the recording engineers. HiFi components are supposed to let us hear what the recording engineers intended for us to hear of what the performers did.

Paul
Yikes Paulwp: You must have been privileged enough to have lived your audiophile-life out having auditioned and owned only the best of CD players and amps?! I find it a difficult concept to swallow that a poor CD player or a poor amp "can't do much damage"!!?! Difficult?...why it is utterly ubsurd! Gads man! You must be joking!? I mean no offence here, and much of my response is purely for amusement, but it really surprises me that someone would believe that. The difference in detail, musicality, sound-stage (not to mention all kinds of other nuances and $1000 catch-words thrown around on this site in the name of justifying adding just one more zero to the price tag) between a mediocre CD player, and an excellent player seem to me to be readily apparent to anyone with two healthy ears! The differences an amp can make are also quite profound, especially a poor quality amp to an outstanding amp. More curious to me though is the use of the word "accuracy" when it comes to reproducing music. Paulwp speaks of "inaccurate" speakers and components. OK, granted, the whole idea is to do justice to reproducing the sound of music in a life-like, musical, holographic presentation. But why does "accuracy" have such importance? Perhaps I'm misunderstanding the usage here, but I tend to have preferences that tend towards the 'coloration' (there's another one of tham'thar' big words) or warmth imparted by many tube components. Is that "inaccurate" because it is not true to the actual performance of the music, or sound of the instrument(s) being played (I'm pretty sure I'd prefer it regardless)? I'm a photographer by profession, and nothing is more boring to me than the most accurate, precise and literal translation of reality in a photograph (using the tools to their maximum potential to fulfill those goals to that end). It is appropriate, and even admirable in some instances. But far more interesting, in my estimation, is the use of those same tools to express something more personal and intimate (using the tools as a means to a more expressive end, taking advantages of nuances and "control" rather than "accuracy"). I know, I'm straying way off the audio path here, and my example is not entirely appropriate as not many of us really want to distort the music and shape it into something it is not. Here, perhaps, is a better example: I recently heard a violin recital at Benaroya Hall here in Seattle, which is a wonderful venue for acoustic music. It was Vengerov performing the Ysaye violin sonatas. We had pretty good orchestra seats. It was a fabulous performance, which I thoroughly enjoyed, but on the whole, the sound of Vengerov's violin seemed rather thin and a bit distant...not as engaging as it could. It was not his playing, but perhaps the acoustics of the room. I went right out and purchased the EMI recording of those same Ysaye Sonatas. Listening to it on my stereo is far more engaging and even hair-raising at times, if you know what I mean. I don't know that my system is "accurate", nor would I think of using that to judge it. I do find it VERY engaging (hard to walk away from), and very natural, warm and musical (OK, quit it with those words now!). I don't give a rat's rear-quarters whether or not the timber and pitch are "accurate" reproductions of Vengerov's Strad. But if I am compelled by what stirs inside me to remain locked in that sweet spot in front of those two speakers....if the music moves me (inside and or outside) I'm a very happy audiophile. I don't know "accuracy", but I do know what I like when I hear it, and I think I'm rather discriminating in that regard. So is this a case of ignorance is bliss? It certainly is a case of me avoiding my workload and spending far too much time tapping on this keyboard! Back to your regularly scheduled program!
Speakers make a huge difference in the sound when you change from speaker to speaker, but that doesn't necessarily make them the most critical link in the chain.

I heard a system whose emphasis was on big, expensive speakers and amps but down-played the source with a mediocre CD player. The sound was mediocre. Huge Dunlavys (SC-5's), VTL double-decker amps (750's, I believe), VTL Ultimate pre-, and a cheapie Panasonic CDP. Power in the bass and high SPL's, but muddy and confused sounding.

While I did not get the chance to switch things around in that same system, I did get the chance to hear a Linn TT (LP12/Itok/Lingo), a Creek Integrated (5050, I think) and ProAc Response 3's. (Don't get me wrong, I am NOT a Linnie; the LP12 is NOT my favorite TT.) I much preferred the Linn/Creek/ProAc set up.

Hardly a conclusive illustration, but it made me sit up and notice the importance of the source.

Asa makes a good point: it depends on your perspective as you navigate your Audio obsession. The trick is to get a workable balance among all the pieces.
From a speakers first guy, as I said above, record playing equipment, ie turntables, tonearms and cartridges can be as inaccurate and as idiosyncratic as speakers. And the bad cartridges and bad cartridge-tonearm interfaces have no charm, unlike some wildly inaccurate speakers that people still like. But, unless you're talking about bad upstream components, which shouldnt be bought at all, rather than less good, which come down to pricing, speakers obviously make the most difference, except for the recordings, of course.

A good recording of a good performance can be made unlistenable through a bad cartridge or a bad speaker. I havent heard a cd player or amp that can do that much damage.
OK, I'm also lossing my mind - its twl's "How could hiend be improved?" thread in Misc. Audio.

I give you permission to go there and beat on me...:)
Yea, Muralman, I must be losing my touch. BUT, just look at the post I just put on twl's "This will be a good thread" in Amp/Pre section (poor twl...). I'm figuring to get roasted alive! Your meter will be off the dial!

Ahhh, just like getting in a warm bath...
Asa - Reporting in - No detectable alchemy showing up on my nonsense meter so far. ;)
Inpep, I did run the LP12 through the A40s. I ran the P3 through the Isobarik DMS speakers. There is no question that the Isobarik DMS speaker is miles better than the little $150 A40s. The amps were the same. Are you concluding that everyone that heard this thought that the A40s were a better speaker than the DMS?

If you think that there are bigger differences between speakers than sources, then you need to hear what a good analog setup sounds like. I know that we have widely differing opinions on just about everything, but I am just now finding out how wide those differences are.
Your music collection is far more important than the equipment it's played upon. A great system won't make bad music sound good, but great music is still great music even on bad systems.
TWL, what would have been really interesting about your little demonstration, is to have run the lp12 through the A40'S. I think that the listeners would still have preferred the A40 set-up. Your demonstration actually only proved that people preferred the speakers being played than the sources, since there is a bigger difference among speakers as there is among sources.
Its a sliding scale, that's why you are seeing so many good and valid responses from different people. How can that be?

Well, at first, speakers are the most critical. When setting up a beginner system, start at the speakers. You get 'em a nice pair of speakers, a hybrid integrated and a good 'lil CD player with decent but not too expensive wire - so they'll get as much enjoyment as possible, least hassle and no recoil, as in , its great but it sure did cost alot.

Then, in a few months, they're getting the itch and they don't even know what it is yet, you give 'em a few NOS tubes that don't cost too much, a tweak for the same reason, so they can see what is posssible down the road, hear how everything is eventually important, all the while they save for...

Separate electronics. A tube pre - maybe a vintage VTL nice-and-simple, and maybe a tech friend you know does you a favor and swaps some parts to soup it up a bit. Then a SS amp so he/she doesn't get too peeved too fast if a tube output goes - maybe a Pass Aleph 3 at $900 from someone who just wants to sell it - about $1500 total... Yea, that's about right for the second purchase. They're starting to scour Stereophile now and telling you what so-and-so said, all as a pretext for wanting what that pretty picture (of words) says they have-to-have, even though its out of their range, so just hold 'em back abit.

Bring over a top flight PC or IC to hear the difference, see what's down the road, but steer them to the...

Source, upgrade the CD player. Not because its most important, but because they've been reading, scanning this site and see all you AA and Mephisto guys railing poetic and the addiction, becoming formed, says it wants in on the action. They think they know more than they do now, so you wonder whether you should let them make a mistake on what Sam Tellig says, but instead, you get them to upgrade the CD - they feel better - but, at the same time, get em' to throw a couple VD or CPCC PC's in the mix.

Then, amp -its big, muscular - guys like that - you know, everyone's gotta cool amp and the Aleph 3 is so, well, boring looking, and, the engines in cars are the most important, right? So....its a VTL to match the pre. Good resale, won't get hurt much and will learn about the relationship of liquidity and dynamics.

After that, if so inclined, a turntable, and this goes on and on IN SPIRALS OF DEVELOPMENT where the component is inserted to increase synergy towrds musicality as the listeners MIND - not ears - increases in receptivity to the meaning in music.

Towards the later part of the arc (you notice, I didn't say end...), the mind sits up and notices that the room is the "most" important, or the "pre" has become the fulcrum of the system and at that level the pre becomes critical in terms of system-wide synergy and must be the most "important", or that Jena Valkyrie IC is just kickin' that Valhalla in the most sublime way that you can't quite describe, or....

And you are still on the spiral, like a double-helix of progessive, musically exponential, ascendancy.

And at each of these places, because that is where you mind is looking when not listening, you think that your place is the most important, BECAUSE, from where you are at, IT IS.

At the top, the ride ends and you see that the mind that could, that would, go there was always the most important "source". Yet at the same time, each and every component that you've had has been the "most important" for where you were. None of it was "less" important than the last.

You look down, sit back, turn on the stereo and listen to the Music. The spiral ends and the "most importants" end only when you see your own spiral.

But if you are looking at your own spiral, then you are not that spiral, then who is looking?

The same mind that was listening all along.

Muralman, does that sound like alchemy?
I just want to add something to the speakers:

If you hire a professional acoustic engineer you can get away with spending a fraction of a branded high-end speaker price and you'll have a sound perfection for a PARTICULAR listening room. Certainly whenever you change your place the speakers might not sound right but I've seen that work wehre an engineer used the simpliest and cheapo pierless drivers widely used for DJ purposes to design an entertainment room that is now completely full with great sound and will certainly sound better if you change the source or amplification rather than upgrading the speakers so go and figure...
Back in the days when I worked at an audio shop, we used to do a little demonstration for folks, regarding the order of importance in a system. We were a Linn dealer at that time, and Linn was one of the first promoters of the source argument.

We took the customer into the reference listening room. Then we played the LP12/Ittok/Karma thru a Naim 32/250 into the cheapest set of speakers that we had in the store, which were Boston Acoustics A-40. We played an album side, and let him get a feel for the sound.

Then we took out the A-40s, and plugged on the Linn DMS Isobarik top line speakers, and also a Rega Planar 3 with a Goldring cartridge instead of the Linn TT. Played the same album side again.

Notice with one system, we used our best source(LP12) and lowest speakers(A-40). With the other system, we used our best speakers(DMS) and a moderate quality source(P3). The amps and preamp were the same in both cases.

The customer always came to the same conclusion. Even with the best speakers we had, the lower quality source made the system sound worse, than the higher quality source with bottom line speakers.

So, if you have ever done direct listening comparisons in a controlled environment, swapping speakers and sources, you would come to the same conclusion as I have. The source will get the music to the speaker, and the speaker(even a cheap one) will produce it to some degree. If the music never gets to the speaker, not even the best speaker can reproduce it. The idea that a great speaker can make up for a source that doesn't supply the needed musical information is a total fallacy.

And notice that I did not use a demonstration that used some kind of total crap for the lower quality source. A Rega P3 is a well regarded lower priced TT, and is definitely not skewing the test. It is just at a lower performance level than the LP12. The DMS Isobariks could not make up for the lack of information coming into the system from the Rega. But the little Boston Acoustics A-40s could sound better(musically) than the big DMS speakers, when fed better source information. No, the frequency extension and sonic fireworks were not the same with the A-40s, but the music sounded more musical. For people who listen to music, and not audiophile sound-effects, this is the most critical issue, musicality. I hope that this helps to clear things up in some people's minds about this issue.
1. Transducers
1.1 Acoustic/Mechanical
1.1.1 Ears
1.1.2 Speakers in Room
1.1.3 Cartridge/Microphone
1.2 Electric
1.2.1 Digital front end
(1.2.2 FM tuner)
2. Electronic Conveyors/Amplifiers
2.1 Preamplifier
2.2 Dedicated Line (and its PC)
2.3 Amplifier
2.4 Front End Interconnects
2.5 Speaker Cables
(2.6 Pre/Amp Interconnect)
3. Environmental
3.1 Vibration/Resonance/Isolation Device
3.2 Lighting
3.3 Temperature
3.4 Humidity
3.5 Thirst

This is getting out of hand, and my kid needs the computer....
Ah, the chicken or the egg question. Linn was kinda the first to understand that crap in equals crap out back in the early days, also component matching. You could get a 10 source going into a 1 reciever or a 1 source going into a 10 reciever. IMHO the 10 source will make the 1 source sound like the best 1 possible where as a 1 source will always sound like a 1.
Ears. None of this really matters without 'em. :)

Second most important is room.
No system will sound good in the wrong room I don't care what components you have.

Third - When it comes to electronics, speakers are the most important. Yes.. yes.. I know.. garbage in, garbage out but if you have a great source and garbage everywhere else, you still get garbage doncha? Speakers establish a dimension of possibility within a system - good speakers with garbage components can still sound nice (with the right cables) but... take a pair of crappy speakers and hook them up to any system you want and it ain't going to sound pretty.
build the rig around the speakers that you have chosen to keep for a long time.

Next to speakers the preamp is the most important component
I pretty much agree with Paulwp and Eagle. If my house burned down tomorrow, my stereo system was fully insured, and I got to buy a whole new system in a few months, I would start by purchasing speakers and amp first.

All other components are just as important of course, but you've got to start somewhere. Speakers are generally considered the most colored component in the system-- and therefore where there is the greatest degree of personal preference involved, so they have much to do with the character of the final music presentation.

I would then choose components that complemented the amp/speaker combination, and that suited my personal music preferences. Cheers. Craig
I am of the opinion that speakers are most likely to determine the sound of a two channel system. I think that this is an absolute truth. That is not to say that source and amplification components do not contribute to the overall system. They do. What I am saying is that if you changed speakers in a system, from a dynamic three way setup to an electrostatic as an example, there would be a greater difference than if you changed from a tube to a solid state amplification system or from a CD Playback source to a Turntable source.

Just my thoughts.
On the contrary that was an awful thread. Same old religious arguments, pretty much nothing learned.
For the record I think it's all important. Source, amp, speakers, all need to be matched and of equivalent performance. How many threads are there where someone is bashing B&W speakers because their $600 receiver can't drive CDM7s or N805s ? How many threads where someone hooks a new Meridian 508 to their midfi receiver and declares it to sound no better than their old Marantz/NAD CD player.
I used to think it was the speakers that was most important until I hooked up a mid fi CD player in the chain to my (then) Avalon Eidolons. Not good. The source is the most important. GIGO.
Speakers. They ultimately determine the limits and boundaries of what you hear.

KF
This is base on my real audiophile experience,My plan is
to balance from cd to cables to pre amp to amp to speakers
I was very confident that the speaker i bought are very
good and they are, so i did not mind spending used good
gear to feed this speakers. After careful planning and
auditiong and add my little experience in cables and gear.
I was very happy with my system, although ther will always
be a weakest link.Until my friend called me and encouraged
me to rewire my norh 6.9 with siltech, believe ir or not
I was shock for what i have discovered.Suddenly the speaakers improve immesurably of course IMHO only. This
experience taught me that start or spend good money on
the speakers, and then good descent gear, i felt that
after my speaker greatly improve from cd to speaker cable
performed to the maximum. This reminds me also when i tried
eggleston andra with my cec transport $700, msb link dac;
and plinius sa 100amp, tara lab and audio quest cable,and
adcom gfa 750, Andra $15,000k i have fairly good listening
room. This combination IMHO and my friend we both agree
this is the best sound,he heard on the andra's. Ok wait,
some of you will say whats tha point? The point is to
me i would choose the speaker first. Because of this
experience i bought use andra's.I also oredered monoblock
upgrade feom Klaus the odyssey stratos,i will use sony
sacd dvd player 9000es, with adcom preamp,might use tara
lab,or siltech.I dont know what will this system sound
but i have a good guess this will work if they synergise.
notice my source are not like the one i saw on my friend
house, He was running them with, Mark Levinson 333,meridian
508 96/24 i think, with Mark levinson preamp $6000, he
using tara lab decade all the way, this combination did
not measure up with my mid price gear, my friend and I
talk about it. He told everytime we fellowship on audio
How can my system sound better than this expensive gear,
I suspect the gear did not match his system, or my
room is %30 better than his, Even the monoblock 350 did
not sound better than my set up.Now you will ask me why
did I order the stratos, bec to my experience this speakers
only need high current amp, plus what do i have to loose
Klaus is willing to let me audition this amp I mean GRACIOUSLY
not like when i call this dealer here, He think I will never
buy gear from him. If the stratos dont work, I will use
my sa 100 plinius, or sell it and upgrade to 102.So again
like Robert Harley mention in his book complete GUIDE TO
HIGH END AUDIO IF YOU DO YOUR HOMEWORK more likely you
will be able to put a very very good musical system for
less money its a good book. This to topic is also included
there, its a well balance book. I will recommend it to
every audiophile who are just starting or who are willing
to start again.I did exactly what he advise, maybe i got
lucky or maybe i did learned a lot from it.
sorry guysthis thread is too long Iam off for 3 days, so
ita time to spent couple of hours on this keybd.Thanks.
Post removed 
Taken in isolation....

No question -- it's the amp.

Clean, stable power, and plenty of it will bring any good set of speakers to life.

That said, speakers must match the room size and the listener's desire for bass. A good speaker mismatched to its room will sound lousy. I've moved four times in the past two years, and can attest to the fact that speakers that sounded wonderful in one room stink badly in another.

A pretty good cd player is not much worse than a very good one. I have owned a Meridian 508-24 and didn't find the step down to a Cambridge D500SE to be too harsh. I've also owned a decent Kenwood player and a Micromega, and the steps up the ladder weren't as profound as the dollars spent would have led me to expect.

But a mediocre amp (like my Luxman integrated) can't hold a candle to any product from Bryston, Conrad-Johnson or AR. Everything collapses unless supported by good clean power.

My order of importance:

AMP
CABLES
SOURCE
SPEAKERS
PREAMP

And yes, any really crappy component will drag everything down.

If you are talking about altering the total sound of the system, speakers matter most. But if you are talking about changing one thing that will make everything sound better, amp amp amp.
The room and where the speakers are positioned.Just move your speakers around the room and hear how much the sound changes.
Not sure whose arguments Muralman is referring to as "absurd", but I'll respond: The original question actually does ask the question, which single component is most important in a 2-channel system. I stand by my responses; Yes, I'd agree with you that the speaker selection has the greatest potential to radically alter the sound of a system, but without a good source you will just have garbage wrapped in fancy wrapping paper...it still stinks! This is why I believe that, objectively, the source is the most important. Subjectively, well, I guess that is, by definition entirely up to the individual and their expectations, priorities and tastes. I can build a system to suit virtually any preferences around a great source component, but I cannot do the same with a specific great speaker. In the case of the latter I'd have to tailor the rest of the components specifically to suit that speaker (in many, but not all cases). A five-figure set of world-class horns are not necessarily going to sound great with whatever I put them with, and I will not be able to reconfigure my system with much latitude around those speakers. Spend the same five figures on a world-class source and you will have tremendous latitude with the other components you pair it off with. In a way, I'm agreeing with the "speaker" camp actually in that the choice of speakers will go furthest in determining the overall sound of the system, and perhaps will dictate the rest of the components. But I still would have to say that without a good source, all else falls to pieces, and this is why I stand by my original position that the source is most important. I don't know that the "weakest link" argument is entirely true in this case. I don't see it that way in this case. I think it's more like that Belafonte song: "House built on a weak foundation, it won't stand, oh no, oh no...." The source is the foundation that a system is built on...like the house, it doesn't matter how strong the components above it are, if the foundation is week it all comes tumbling down.
Speakers, unless you are using "source" correctly and referring to the records or cds that you are listening to. And then it would still be close. The simple reason is that speakers are much less accurate and have much higher levels of distortion than any electronic components, and are therefore the limiting factor. Modern amps, cdps and preamps are just not a problem. Even a little TEAC or Yamaha minisystem sounds fine if connected to a pair of good speakers. It gets a little more complicated if you're talking about record playing equipment and cartridges, because those things can be screwed up, cartridges almost as much as speakers. But, speakers vary so much in what they do, and almost all are colored and distorted in one way or another.

For those who say the listening room is even more important than the speakers, I respect that point of view, but there are some speakers that work well in real world rooms, because their designer takes real world use into account. So, I find the limiting factor in my enjoyment of music is the real source, ie, the work of the recording engineer, because my speakers work in real world rooms.
Speakers are the most important because they come first for me when building a system. I don't know the power requirements of the amp until the speakers are chosen. The source can be chosen first, but it has no limitation of working within a system like the speaker and amp combination. A particular source will work with any speaker/amp. A preamp may or may not be needed depending on the source or if an integrated amp is possible. Since all the choices can be based on subjective preference, it seems the answer comes down to other non-subjective parameters. The primary one that comes to mind is the wattage requirement of the speakers.
That is not to say I chose my speakers based on their wattage requirement. Room is a good answer too because not all speakers will work in all rooms.
oops meant to say...good bottle of wine and hot babe...who cares about the rest!