What should I upgrade -- speakers or amp?


I'm a relative audio novice who's been slowly building a system over the last few years. I'm considering what to upgrade next. This is what I now have:

B & W CDM 7 NT speakers (2)
Magnum Dynalab MD 208 receiver, 150w
Consonance Droplet CD player (tubed, upsampling)
Sony SCD-595 SACD/CD changer
Kimber Kable Timbre Interconnects
audio store speaker cable

(Two digital sources because I use the Sony for more casual listening, & the Droplet for more attentive sessions. The Droplet was supposed to replace the Sony in my system, but because of the convenience of the changer, the Sony never went away.)

I listen mostly to orchestral/opera, with some chamber music & jazz thrown in. I also listen to FM radio a lot, and live in an area with poor reception. But the Magnum Dynalab has superior reception, even without an ouside antenna. So I'm happy on the tuner front.

I'm considering upgrading either the speakers or the amp.

At the moment, if I go with speakers, I'm leaning towards pre-owned B&W 804 or 803. I'm impressed that most classical studio recordings are made with B&W monitors. And the B&Ws pass the wife acceptance test (the system resides in the living room). I've been happy with the CDM 7 NTs. But I'm open to other speaker suggestions.

Another possibility is to get a new integrated amp. (I have space issues, and also would rather not get into all separate components to avoid unnecessary complexity. I enjoy the equipment, but fundamentally I'm a music-lover, not a gear guy.) In stores, I've liked the sound of the Krell KAV 400xi. If I got one of these, I'd probably use the MD 208 as a tuner only.

But the purpose of this post is to get your suggestions. Which would likely give me the most improvement in my listening experience? Are there other components I should consider?

Thanks in advance for your thoughts, 'goners.

ggl
Give Tyler Acoustic a try, money back if you do not like them but I bet money for money it will humiliate any BMW out there.
Your responses have been helpful in my decision-making process, which concluded this morning when I bought a pair of new B&W 804s speakers.

I was very interested in the VR4jrs, but unfortunately, the only dealer anywhere near me is in the process, he informed me, of consolidating and moving his showrooms, and is not able to audition the speakers for me until early next month. The Von Schweikerts look like they would be a good choice for me -- full-range speakers, neutral/analytic in character (apparently) and not colorizing as other speakers seem to be (e.g., Sonus F, Vienna), nice looking cabinet, a size I prefer -- but I'm not going to buy them without hearing them first, and my time-frame is this week, not a month from now.

Nothing else really appealed to me in this price-class; other speakers seem too interventionist to me, and/or visually too boxy or otherwise unappealing. And I've had a good experience for four years with the CDM 7NTs. As between the 803s and 804s, I am unconvinced the price differential is warranted, and prefer the size of the 804s in any event. All in all, I felt comfortable with the 804s, so I went ahead.

Thanks again for your feedback and suggestions.
Too bad you can't get a listen of the VR4's, but the 804's will be a pretty good upgrade from the CDM7's and they will give you a lot of listening pleasure.
Jeff
See, now this is where I would nedisagree with everyone on the matter at hand..I have a pair of loaner 805s on a FPB 400cx and it sounds superb, more than my space necessarily needs. I think anyone here would agree that running a Full Peanut Butter (FPB) on these speakers is overkill, but....they sound great, true to form and resolute. Personally I think you can't go wrong in this lineup of speakers particularly with the new first order crossover. They all sound smooth, it is just a matter of how much bass you want, and how much mid range you want.