What is the chain of importance in analog system ?

Great discussion. I agree that one cannot really approach this without thinking holistically... the entire analog playback chain should be considered a single, musical biosystem.

That said, I do believe that one should start from the foundation of the analog chain, which is the turntable. Cartridges and tonearms should really be considered inseparable, but they are variables more easily accommodated and changed physically. The turntable, less so. Once you have a solid foundation (a TT that you are satisfied with), it becomes a bit easier to discern among many tonearms and cartridges to match with the TT via a natural process of elimination.

Yes, a great phono stage is crucial, but again, selecting the right phono stage to the turntable/tonearm/cart seems a more natural process to me than the other way around. More often than not, people would look for a great phono stage which would bring their TT to greater heights... I've never personally met someone who told me, "I have a killer phono stage and now I must find a suitable turntable to match it"; it's often the other way around.

So for me, this isn't a chain of importance, but of PRACTICAL consideration, which was my personal course:

1. Turntable
2. Tonearm/Cartridge
3. Phono stage/SUT

Everyones opinion here deserves consideration.For once a thread with over 20 posts and not one argument.There is hope for us yet.Now to the question:
I feel that in order to hear what is possible with a great analog front end (turntable,tonearm,cartridge)it must be played though a top flight Phono Stage.
Therefore for me its
Phono Stage
Arm /Cartridge
Turntable
Of course along with your preamp,amp,speakers and wires,
your room and ears must be up to the task.
In other words everything is as important as the component it is connected to.

Remember many phono stages require matching to the cartridge in use. This can include gain, load (if fixed or not), SUT gain & impedance matching, and in some cases tube or SS in design. I just don't think we can separate everything. If you upgrade one component then you must make sure whatever you replace it with is synergistic with the remainder of your system.

Excellent thread. Clearly, all the components of an analogue system are important. But, I think it is an inescapable truth that speed stability is essential for good analogue playback. It is with good speed stability that the most basic elements of music can be reproduced correctly. Without it, no amount of any other kind of resolution will let you hear things like groove, feel, and expression in a performance, the way that the performers intended. Rhythm is THE most important element in music.

So, in absolute terms, the turntable has to be the most important.

The most musical system that I have heard so far was an SME/MIT/Magico dealer demo. The front end was an SME 10 tt with the stock 309 arm, stock tonearm cable, a $600 Dynavector cartridge and no special isolation. The phono stage was the top Nagra VPS? Electronics were mid-level Spectral and the speakers were Magico's least expensive V2. I concluded from this listening session that system synergy is of primary importance and that the tonearm cable, an expensive cartridge and exotic isolation were not critical to a truly musical experience. One month later, I went to hear the system again and to confirm my impressions of the speakers which I am considering buying. However, this time the dealer had replaced the $600 cartridge with one costing $3,500. To my surprise, the magic was completely gone.

I am also struck by how different (and less musical) my system sounds, given that it has a similar vinyl front end, SS electronics and dynamic speakers.

It can be tempting to think of a chain of importance for a vinyl front end or for the system as a whole, but I am coming around to thinking that it really comes down to how carefully components are selected to work with each other and within the context of a given system and room. Everything seems important except the cost of components.