A good room is transformative, and can make a lot of speakers sound really great.
Agreed Erik.
My listening room was renovated by an architect friend in consultation with an acoustician. It’s just a great sounding room. In fact, I’ve been surprised by guests who are totally non-audiophiles who, when sitting in the room only speaking, remark on the sound of the room! Things like "Wow, listen to our voices, it sounds so nice in this room."
I’ve been able to drop speakers of many types in to the room and it’s been a snap to get excellent sound.
As for the importance of speakers, that was impressed upon me earlier on in my audiophile life by a number of experiences. First was having my mind blown upon first hearing Quad ESL 63s at a friend’s place. He had a cheap amp and radio-shack wire but the transparency and presentation was another world from most other speakers of my experience.
Another time was after a truly mammoth speaker search (flying around north America to hear tons of great speakers) I ended up visiting John Otvos of Waveform. He gave a demo of his Mach 17 speakers for my friend and me, with very deliberately cheap amps (Kenwood or the like as I remember) and no-name cables. Yet it was just about the best sound I’d ever heard. Made most other speakers (including those hooked up to gazillion dollar amps/cables) sound like they were trying.It was the speaker design that made the difference.
On the other hand, I’ve been able to have incredibly enjoyable sound hooking up a variety of speakers, from expensive to small and modest, in my room and powered by my CJ tube amps. So I also get the "any decent speaker can sound great if optimized in a room/system" thing too.