What is the chain of importance in analog system ?

I find that vinyl is the most important part of the analog chain....without it, the other parts are meaningless, IMHO.

Cheers,
John

I think the phono stage is the most important because without it you can't play a record(sarcasim).This is like saying the record is the most important. Yes, the vinyl is the reason for the playback system but isn't that stating the obvious? And puting a playback system together is alot like puting a ball team together like, let's say the Yankees. Just because you have the highest payroll or the best player at a position doesn't mean you'll have the best performing team (maybe this analogy isn't quite right considering NY's success this year). Jaybo is right, your expectations should be realistic. The turntable is responsible for bass extension, the rhythm and pace, and what makes analog sound better than digital. It affects the ultimate S/N ratio either adding noise or getting out of the way and letting the arm/cart do its thing. Belt drive is the way to go. Try reading some of the old Linn Lit. It makes sense.
http://www.linn.co.uk/music_systems_sondek_LP12

I personally don't feel any part of the chain is more important than the other. Imagine our audio chain being a bunch of filters all lined up in a row. Depending on the filter positioning will determine what will get through. The LP is the liquid. If you have a filter different than the others at any point of the chain then you will be hearing the filter. This of course includes speakers. IMO speakers can be more important than anything. If you source (in this case analogue front end) is better than your speakers can resolve, it truly won't matter. And getting to Kr4s point of room, I would add room/speaker as a single unit. I would match a system that has complimentary equipment based on what you have heard. That is unless you plan on upgrading in the future, then match a system at a higher level, and buy th part you can afford and then upgrade other areas as it permits. But getting a great phono stage without a well matched cartridge only gives you a great phono stage. The cartridge will still only be as good as the arm / turntable etc. So make a decision to be close to equal. Now in terms of money, a lot will depend on the type of cartridge or sound you prefer that will determine appropriate matching equipment.

I think one also needs to look at the upgrade path as well as sonic order of merit. Having an great table or arm to be the foundation for even a modest cartridge will yield excellent results. While I was waiting for my Strain Gauge cart to be delivered (I'm a dealer) , I used one of Soundsmith's $300 MM carts on my Raven One/Phantom.

I was shocked at how good the cart sounded. So perhaps the cart should be modest at first, since it can be upgraded later as more money allows, and you always have the modest cart as a backup.

...some analog guru said, that the most important is the phono stage, then the table, arm, cart

I the grand scheme of things I would agree with the guru.
BUT, few of us really have a good phono (we may think we do, but try a Boulder or a FM Acoustics on yr system...) which are invariably (ridiculously) expensive.
Furthermore few of us achieve the right loading.

SO, I join our friend above in putting "deep pockets" at top position.
Then comes phono, TT, arm, etc. Don;t forget the X?@! wire!