Upgrade the speakers or upgrade the receiver?

I'm considering doing more upgrades to my system. What is the best bang for the buck? Upgrade my Denon 3803 receiver
or upgrade my Paradigm 60V2 mains. I like Paradigm so it would be upgrade to 100 v.3 or maybe Signature S2's..
The receiver upgrade would likely be to a Rotel or Arcam.
Thanks in advance for your thoughts.

dump the denon while you can still get a few hundred bux for it and get the arcam avr200 or avr300....it will be like night and day
If your Denon has pre-outs, I'd get a seperate amplifier. If not, the receiver upgrade should come before the speakers. The Studio 60's are nice speakers for the money.
or better yet, buy an outboard amp. that denon has pre-outs. once you have a good amp you can sell the Denon 3803 and get a good pre-amp and be done with the reciever thing.
The Paradigm Studio 60s are much more capable than you know. I had a Pioneer Elite 49tx driving my 60s V.1 and for the same money on separate amp and preamp, the difference was night and day. The receiver does offer good value driving your surrounds and performing processing capabilities though. I think the preamp section of a typical HT receiver is worst than the amp section of a receiver, so as long as you have the receiver in the signal chain, your speakers are still hampered sonically.
You're not going to be happy with the Paradigm 100's if you try to drive them with a receiver.
I'd say you are wrong on both fronts. Ditch the receiver idea and go with quality separates. And later on ditch the Paradigm idea and go with quality speakers.