@rossb, what speakers do you have?
Interesting discussion. I do think the speakers deserve the largest share of the $ spent. However, I think we can all agree that it is also the least predictable component to upgrade. With electronics, it’s fairly easy to spend more, get more unless you make a fairly radical change.
With speakers, even upgrading within a speaker line will not always result in better sound. They’ can also be the hardest & most expensive to resell, due to shipping. If you really like the sound you’re getting, I can see why you might hang on to the speakers & spend your money elsewhere.