Think about the audio replication process and the answer(s) are clear: the transition from mechanical to electrical signal (phono cartridge dragging thru vinyl, laser reading a CD) and then vice versa (speaker taking electrical signal and converting to cone/driver movement) are OBVIOUSLY the most critical processes in reproducing audio - everything in between simply pushes electrons around. Therefore, it makes good sense to spend the bulk of your audio dollars on a great turntable/cartridge setup followed by a great set of speakers.
The advent of digital sources has changed this balance somewhat, and I would now counsel someone to spend most of their bucks on great speakers - great speakers hooked up to a mid-fi system will still sound very good, crappy speakers (why does the phrase Bose 901 come to mind?) powered by an audiophile system will always sound crappy.
Speakers = 40-50%
Input source = 20-30%
Sound processing/amplification = 20-30%
The advent of digital sources has changed this balance somewhat, and I would now counsel someone to spend most of their bucks on great speakers - great speakers hooked up to a mid-fi system will still sound very good, crappy speakers (why does the phrase Bose 901 come to mind?) powered by an audiophile system will always sound crappy.
Speakers = 40-50%
Input source = 20-30%
Sound processing/amplification = 20-30%