Most important component??

I love it--THE ROOM. Now what is really interesting is that about 4 years ago we asked the same question on a different site. The result was speakers, source, speakers, source, amp.... You get the point. 1 in 100 said the room. Now, most people say the room. 50% of the sound we hear in a typical room is indirect--reflections off the room (or modal energy). The room is huge--and as has already been said, the room / speaker interaction is essentially a circuit. Having the right speaker in an appropriate room is key to a great end result. It's great that people are realizing how important a role the room is--it really is a component. The first one we start with and it used to be the last one people would think about--not anymore.

Duke: Thanks for the comments (compliments), but the monitors you heard in that room were Talon Hawks--not Avalons. At the time you heard them I had no idea we would buy the company--I just thought they were the best suited speaker for the small space I had to work in.