For me, speakers are the part of the system that defines the sound the most. And the most by A LOT! Everything up the chain matters in terms of details and coloring but each pair of speakers has their own sound that is never going to be changed that much. For instance, doesn't matter what I do, my vandersteen speakers are never going to sound like Martin Logans. Doesn't matter what electronics and source and cables I use. They are fundamentally different and I made the choice I did because I like how they sound. My electronics and source can flavor things a little bit the overwhelming sound one hears is defined by the speakers.
What is the most important component to consider while building a new system?
I recently viewed a You Tube video featuring Paul McGowan from PS Audio discussing the most important component when building a new system. I love Paul's video's and feel they bring a personalized touch to the discussions of all things audio. In the video mentioned Paul took a generalized approach in stating the speakers were the most important component to consider and that the relevant importance of each successive component rested in the chain down stream of the speakers. I am writing this to humbly disagree. I am in the mist of building a new system from scratch over the past 9 months. It has been my experience that if proper care is taken to the quality of the amp. pre-amp. and cables (with an emphasis on cables) you can get away with relatively inexpensive speakers that sound better than they have a right to. This is my own opinion based on recent experiences.