It's a little bit like asking which is the most important link in a chain. In your system it is the weakest link. Admittedly, each chain in the audio link is different. I disagree with the comment above that "good speakers accurately reproduce what they are given." I am far from a speaker expert but I have made about 20 pair and all speakers color sound a great deal. They have a really amazing job to do. A Loudspeaker is a compound transducer. In conventional speakers electrical energy is transformed to magnetic energy, magnetic energy is transferred to mechancial, and mechanical energy is transferred to acoustic energy. Every step introduces distortion (disorder). It will be this way until they repeal the law of entropy. Don't hold your breath. No speaker simply reproduces what it is given.
The most important piece in a stereo system???
I was wondering what people think is the single most important part of a stereo system? It can be the amp, speakers, CD payer, preamp, speaker wire, cables, tweeks, whatever you name it. I just want honest opinions. What would you spend the most money on? I think most of you will either say amp or speakers. I know having all good stuff will make your system sound better, but I just want to know the single most important part. Myself I think the speakers are the most important. I look forward to reading what you think. thanks in advance.