Ok this will be a good thread.

Hello 2 channel audio fans. I feel the order of importance would be, loudspeaker system, then preamp, then source, followed by power amps, speakers cabling and interconnects.

Speakers will always have the biggest impact in sound, but both the source and speakers are equally important for the final signature.. Speakers of course will always make something sound far different guaranteed, but the question is what is most important.. I would say if you have a speaker to small, too big, not enough bass, not enough imaging to create the big picture, than you could keep throwing the biggest best source at a pair of 6" bookshelf monitors till your blue in the face and not find the end of it.. So I guess reality is you gotta start basing your final sound and taste on a speakers performance making it the most important decision.. But you could argue that new Esoteric CD player should be a reference and everything behind it should sound good if it is that good. I say both are closely equal.

Some folks maintain that super accurate speakers, used at the end of a fairly flawed system, would theoretically make the sound WORSE (than if just serviceable speakers had been used) because all the upstream flaws would be revealed that much more blatantly.

I once heard a system that had some low level Phillips CDP, a VTL Ultimate pre', VTL Wotans, and huge Dunlavey speakers (don't remember the model). Sound was not very good at all: murky, veiled, disjointed. One of the most unsatisfying large systems I had ever heard.

it's not the equipment or the music that makes the biggest difference in your overall experience of listening to music. it is the listener.

a good mood, positive attitude etc., can offset mediocre stereo systems and/or mediocre recordings. you can enjoy your favorite music on a table radio.

Absolutely agree with Mrtennis. I find that the mood I'm in has more bearing as to whether or not I'm going to enjoy the listening session and not what equipment I'm using.