What should I upgrade -- speakers or amp?


I'm a relative audio novice who's been slowly building a system over the last few years. I'm considering what to upgrade next. This is what I now have:

B & W CDM 7 NT speakers (2)
Magnum Dynalab MD 208 receiver, 150w
Consonance Droplet CD player (tubed, upsampling)
Sony SCD-595 SACD/CD changer
Kimber Kable Timbre Interconnects
audio store speaker cable

(Two digital sources because I use the Sony for more casual listening, & the Droplet for more attentive sessions. The Droplet was supposed to replace the Sony in my system, but because of the convenience of the changer, the Sony never went away.)

I listen mostly to orchestral/opera, with some chamber music & jazz thrown in. I also listen to FM radio a lot, and live in an area with poor reception. But the Magnum Dynalab has superior reception, even without an ouside antenna. So I'm happy on the tuner front.

I'm considering upgrading either the speakers or the amp.

At the moment, if I go with speakers, I'm leaning towards pre-owned B&W 804 or 803. I'm impressed that most classical studio recordings are made with B&W monitors. And the B&Ws pass the wife acceptance test (the system resides in the living room). I've been happy with the CDM 7 NTs. But I'm open to other speaker suggestions.

Another possibility is to get a new integrated amp. (I have space issues, and also would rather not get into all separate components to avoid unnecessary complexity. I enjoy the equipment, but fundamentally I'm a music-lover, not a gear guy.) In stores, I've liked the sound of the Krell KAV 400xi. If I got one of these, I'd probably use the MD 208 as a tuner only.

But the purpose of this post is to get your suggestions. Which would likely give me the most improvement in my listening experience? Are there other components I should consider?

Thanks in advance for your thoughts, 'goners.

ggl
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You will get a lot more "music for your money" by upgrading the speakers. 803s would be a nice upgrade and there are a couple pairs on Audiogon right now for around $3500. You might also consider the KEFs and Spendors if you like the British sound.

And, I would be remiss if I didn't put in a plug for the speakers I am currently using (and expect to use for the next 5-10 years): Gallo Reference 3. They are not as physically imposing as the B&Ws (a point in their favor for you), but they can sing with the best of them. Grab a gently used pair of 3.1s here on Audiogon for around $2200 - $2500, add the Gallo sub amp (typically $750), and you will have one whale of a good sounding system. And, the WAF is quite high if you leave the grills in place. My wife thinks that they sound mighty fine and look good, too.

-RW-
I would suggest looking at Von Schweikert VR4jr's you will get much more bang for the buck. I started with CDM7NT's(which I still have),went to N805 Sigs, then Vienna Acoustics Beethoven Grand's and now have in my system the VR4jr's. You will get a much fuller sound and less cost going with a pair of these. If you had a choice of N803d's that would be a different story, but not just the N803.
Just my 2 cents.
Jeff