What is the most important component to consider while building a new system?

I recently viewed a You Tube video featuring Paul McGowan from PS Audio discussing the most important component when building a new system. I love Paul's video's and feel they bring a personalized touch to the discussions of all things audio. In the video mentioned Paul took a generalized approach in stating the speakers were the most important component to consider and that the relevant importance of each successive component rested in the chain down stream of the speakers. I am writing this to humbly disagree. I am in the mist of building a new system from scratch over the past 9 months. It has been my experience that if proper care is taken to the quality of the amp. pre-amp. and cables (with an emphasis on cables) you can get away with relatively inexpensive speakers that sound better than they have a right to. This is my own opinion based on recent experiences.
I wish to say first and foremost that I think this has been a great discussion and I thank all who have contributed. And I've learned something; that room dynamics and dimensions are a huge part of the equation and need to be taken in account as one's system is planned. That said, I must state that comments shared by ghdprentice are most in line with my own philosophy. Thanks again to all who have responded. Regards, Scott
Please don't say Paul McGowan is wrong in that video. I saw it too before buying any components for my new system and allocated resources  accordingly. Also if you consult Mr. McGowan he will reassure you he is correct. 

+101 Room/Speakers. Then the best you can get to go with ‘em. Praise Jah.

+ 1001 on a partner who lets you do what ever you want and can afford to do. Don’t ask, don’t tell also acceptable.
if you consult Mr. McGowan he will reassure you he is correct.

Naturally, he would say that, but who can say...