What is the most important component in your system.


To me it is my ARC Ref 6 preamp. I have used a few other preamps, ML38s , ARC Ref 5se,  with my current system and none has taking me closer to music then my ARC Ref 6 preamp. Years ago I always thought it was my B&W 800 Matrix speakers and then my Krell FBB amp. But found out that to get the best sound from my 800s it is a preamp..Years ago i never knew how important a good preamp was in reproducing music. And sure everything adds up ,like interconnects , power cables , speaker cables, platforms and all those tweaks that we use and try. Now i not saying that i was never happy with my 800s and Krell or even my ML 38s. But adding my current preamp really makes my other components bring out their best. 
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While I’ve learned that a preamp can make or break a system, I am reluctant to say any one component is most important. I do think the key is a well balanced system. 
It all starts and stops with power per channel for me. My AudioControl Pantages 230W x 5 amp is the heart of my system and the Sunfire Theater Grand TGP-5 Processor is the brains so I guess the lungs of my system are my Athena AS-F2s L/R mains (a), psb500s L/R mains (b), EMP es1010i sub, B&W V201s L/R front highs, Martin Logan Vignette Center, Jamo 7.4s surround and finally Boston Acoustics a100s surround back. Yeah I know no timber matching happening but I’d employ anyone to sit and tell me they can hear that they don’t match. The sunfire does a great job of calibrating everything.
Definitely my First sound upgraded-to-the-hilt(Deuland caps, Vishay resistors) pre amp. Less is usually more in the signal path as, no doubt, everything adds color and /or a characteristic to the sound and is usually a negative but in this instance this pre amp  definitely contributes an overall improvement to the sound.
That said, everything makes a difference and of course some components and cords and tweaks more that others and only thru trial and error can you know what's doing what to the sound. And finally, what components, ICs , power cords, power conditioners,etc  you match together is of great importance. After 15 years buying and selling components, etc I finally got the sound I wanted. When i decided to put together a dedicated head phone set, it came together in a matter of weeks as I simply "copied" what I had done on the big system. To save yourself a lot of time and money, listen to as many systems as you can, find the one that pleases you the most, and get the same equipment. Of course you might tire it after a year or 2 and follow the upgrade path and find yourself impoverished ,alone and drinking. I suggest the best alcohol you can afford. Or forego a couple of bottles of top shelf scotch for a month  and put a Synergistic Blue fuse in you amp, Transport of DAC or do with out for a couple of months and install a Furutech NCF outlet in the wall. Happy listening and /or drinking!