Thank you to all for the thoughts so far. What I was getting at (or trying to do so) was which of the four components has the most effect on final sound, which comes next and so on. It's obvious that if there is a bottleneck in sound quality ('the weakest link') then that must be addressed. But to me, a TT or a tonearm has a relatively subtle effect compared to a cartridge or a phono stage. Likewise, I can certainly hear changes when I swap phono stages, but I hear bigger changes when I swap cartridges. And what's the point of this? - very little! Maybe I'm simply justifying my choices, as I realise my expenditure on the four items has followed my ranking above!
Relative Importance of Analog Components
We see people struggling with what to upgrade next, or where to direct their attention if everything seems to be working fairly well. I'm probably a bit more inclined to give more importance to sources and less to speakers than most people, but in general I like to look at which component is the 'rate-limiting factor' which one holds back the rest and then concentrate on improving that.
But to look specifically at vinyl reproduction, I have the strong impression that out of the four main components, they can be ordered in importance of potential effect on sound like this:
Cartridge
Phono stage
Tonearm
Turntable
I'm sure other people would list those four in a different order. How would you rank them and why?