There are actually 2 seperate hobbies here.

I agree about the two camps. I favor the "music" side. For without good recordings all your equipment purchases are for nought!

The search for good recordings is for me more enjoyable than lusting after the latest hyped gear in TAS and Stereophile!

For example, I just bought a rare mono jazz LP from 1955 - Gene Ammons All Stars (Rudy Van Gelder, engineer) on the Prestige label. Cost: $7.95 + $4.77 shipping (from EBAY). Another seller had one listed for $150! Getting an original Gene Ammons so cheaply makes my day!

The perfect system is 100% system and no music. With no music no one can ever prove its not perfect.

I am half and half right now.

But I will go back to 80% Music and 20% Gear by the end of this year.

From next year, I will try only inexpensive tweaks including tube rolling.

My 120K$ system already sound excellent with recent renovation of 20K$.

I have not decided yet whether to spend 15K$ more on upgrade of DAC.

I had spent 2.5K$ on buying 1000 redbook CDs during last 6 months.

It had been good time to do bargain hunting on CDs.



Even without any hardware change, I will be happy with new collection of CDs.

If you keep spending on gears, there is no end.

That is like drug addiction.

I am old enough to be wise.

Thomas

100% music side.

The thrill of conquest when searching for the next great thing is what I enjoy. It could be finding that rare or special / sentimental record, or tracking down a highly sought after perfect piece to the equipment puzzle. Sometimes it’s just figuring out what the next pursuit will be. It’s all a great big, exhilarating adventure that never has to end and will always have surprises waiting to be found. 

I agree with the OP that there are two hobbies here.  I would say that 80% of my time/ effort is spent on music.  I've been branching out lately finding "new to me" artists and genres that I've overlooked in the past.  

Of course, most music people are always looking for the great recordings.  You know you're in that club when you have multiple recordings of the same piece of music.  

Occasionally, I make a hardware upgrade.  

i'd like to say i'm 95% music, but that would be delusional--in fact i vaccilate between 50%-80% music, since i'm always at least thinking about the gear