Based on my experience, I have to say that the speakers, in combination with the room, are far more important than any other component. I have owned a number of speakers over the past 15 years or so and have found each to have individual sound characteristics (although sometimes the differences have been fairly small). Minor changes in positioning of the speakers and/or listening chair can also greatly affect sound quality in my experience. Phono cartridges would be next in line after speakers.
Have also owned a number of amps, preamps,and/or receivers, (ranging from Classe separates that cost about $3k to a $100 Pioneer SX 205 receiver) and several different cables and have never been able to detect ANY audible difference amoung these components.
Have also owned a number of amps, preamps,and/or receivers, (ranging from Classe separates that cost about $3k to a $100 Pioneer SX 205 receiver) and several different cables and have never been able to detect ANY audible difference amoung these components.