IMHO speaker tend to be the least limiting factor in the musical chain. Think about it this way: A pair of good quality $300-500 speakers are going to sound better and better when paired with better and better electronics. Imagine a pair of Superones(not my recommendation but a good example), if you pair them with typical NAD gear(same $$ range) you will get a fairly nice sound. Maybe a little bright and not much bass, but fine. Now take those same speakers and pair them with a higher quality amp, say a bryston b-60(also not a rec, just an example), the speakers are going to come alive the bass will be defined and tight, better soundstage, gain free, and everything about the sound will come in to focus or 'come to life'. If you were to reverse the analagy: The high quality(read high dollar) speakers are not going to improve low level electronics. So, the NAD is only going to sound MORE like an NAD as you improive the quality of the speakers. That's because good quality speakers only become more transparent (which means they reveal more of what coming at them, good or bad). Good speakers (meaning anything of quality $250-60,000) will produce only what they are given(or attempt to produce what is given-although many fail because of coloration which is another discussion) and will never improve the sound signal. This is not to say that speakers do not have different, 'signature', sounds and that these signitures can mask electronic flaws, hence the need to 'match' your system. This would be the reason that the NAD owner hated his B&Ws and the Jolida owner thinks they're the best on earth. I have used only amps as examples but CD players/TT are as(if not more) important than the pre/amp. If I were forced to give a percentage I would say spend no more on speakers than on any other part, and spend equal on the CD/TT and pre/amp. There are bargins at every price point and the 'signitures' of many brands are so unique that price is of little measure of the greatness/enjoyment. Don't get me wrong, I'm not saying that you should pair $5000 electronics with $300 speakers. I am saying that speakers are not most important par of a system(dispite common belief). Anyway, I hope this helps.
Perentage system $$ for speakers
While reading various posts in the past, I have read comments where some believe that the speakers should only be about 15% of the total system cost where other believe they should be the main focus. I am not looking for a right or wrong answer in this, I am just curious as to the thoughts of others on this topic.