The most important piece in a stereo system???

That's a false dichotmomy Fmpnd, because no one is going to pair no-fi speakers with high-end source or no-fi source with high-end speakers. So, construing the question to assume decent hi-fi components all through the system, whether budget or expensive, would you rather listen to a NAD cd player through Eidolons or an Accuphase cd player through PSB mini-speakers?

I've made the weakest link argument before, since speakers are the least accurate component in a hi-fi system, and all speakers are colored in one way or another. But, that said, there are a lot of inexpensive to moderately priced speakers that are quite decent.

The biggest changes in sound for me, from mid-fi to hi-fi came with changes in amplifiers and cd players.

As much as I love my Harbeths, I have to disagree with my friend Charlie and say source, but amp is a close second.

Percentages depend to some extent on absolute $. When I bought my current speakers (which I never intend to replace unless they wear out) they were the most expensive component in my system, and on a US retail price basis, a bit less than 40% (ignoring record playing equipment and just counting cdp -pre -amp -speakers and cabling). Ive since upgraded cdp and amp and downgraded the pre and the US retail price of the speakers would be about 25% of the total retail, and actual cost about the same percentage.

Since I am perfectly happy with the current breakdown, 40% on a retail basis for the cdp and 25% for the speakers (more like 35-25 on actual cost), I think that's a good balance now. (About 3% on cabling btw.)

Maybe I agree with everyone. 40 to 50% on speakers you can live with through upgrading, ending up at 20-25% when you're through with the process.