Most Important?

I think the source is important (the recording most of all)but that diffences between CD players is relatively minor compared with difference between speakers - That is diminishing returns start rather low with digital equipment IMHO, so I think a good $1,000 to $2,000 Cd player is going to be pretty darn good, wheras speakers differ a lot and you need to spend quite a bit more to really start hitting dimishing returns - maybe $10,000 or so. IMHO, the speaker choice must be made first and will determine the general sound of your system, the digital source while critical is unlikely to be a major weak link since to my ears at a certain point they sound more and more alike. After finding a speaker I like, I would spend a lot of time (not necessarily money) finding an amp that really works well with my speaker (great speakers, and great amps can sound bad if this interface is not well matched), and I would learn somethin about speaker placement and treating room acoustics.

Great info gents and AJAHU.......the blue walls stay!
Tvad the system now is
Adcom pre
Silvers9ts on the low
the B&K sonatas on the highs
The Focus is the spkers

.......the blue walls stay!

Oh dear! Oh dear! That is so sad ;-)

I have a blue house with a blue window
Blue is the color of all that I wear
Blue are the streets and all the trees are blue
I have a girlfriend and she is so blue
Blue are the people here that walk around
Blue like my corvette its sitting outside
Blue are the words I say and what I think
Blue are the feelings that live inside me

Everything is equally important in a system including the cables.