What is most important part of a system?

My own answer, expressed in general terms, is that a chain is as strong as its weakest link, wherever that link may happen to be located in a particular system.

+1, well said Al!!

I agree with this method 100%. A system is about balance, and carefully balanced and selected system will sound best in my experiences.
Focusing on one area while ignoring the others is a sure way to find disappointment.

IT'S THE TRANSDUCER, STUPID!

If I buy a top shelf $10,000 phono cartridge, put it on a $1,000 turntable, with $1,000 speakers, and $1,000 AVR, can I still wear that T-shirt?

Al.....*clap*clap*clap *clap*clap*clap *clap*clap*clap*

Thanks for being tonight's voice of reason & rationale...;)

We all 'tweak' 'n 'fiddle' with whatever to achieve some form of goal that scratches that itch that drives us to do so.  Twas always thus.

I enjoy reading the details and commentary about the various forms and 'cures' for those itches.  It's the 'potions 'n lotions' and their applications that never cease to...uh, amaze...*L*

Keeps me coming back...;)

(speakers...MHO) 

Thanks for all the replies. Of course everything is important in the system. As I mentioned, every component including cables were all high-end. You cannot just expect a $10K turntable sound the best with $100 speakers. 

In my experience same speakers and some other components sounded much better with the turntable. I never heard this much of a change with any other components before.

Once I had Nordost Blue Heaven interconnects. I wanted to try the Alpha Core Goertz interconnects (cannot remember the model). The sound was warmer. I know that even a cable (opening another can of worms here?) can make a difference but the difference with my last experience was a "WOW!" difference.

This is how I would put in order:
1-Source
2-Room
3-Speakers
4-Amp
5-Pre-amp
6-Power
7-Cables

There is an expression that someone who represents himself in a courtroom has a fool for a client. Now, I don’t want to be too alarmist here, but I believe that expression can also be applied to the listening room. 😀 And I’ll go out on a limb and speculate that the reason why many audiophiles are always in upgrade mode and can’t get no satisfaction is because, drum roll, if you don’t learn from the mistakes of the past you’ll just keep on making the same mistakes. How can you explain why some audiophiles have had, let's say, twenty systems or fifty systems?

My audiophile answer is the loudspeaker/room interface, but my real answer is my wife and family.  Without them how much would I really care about how my system sounds?  Call me sentimental.