Ok this will be a good thread.

I am of the opinion that speakers are most likely to determine the sound of a two channel system. I think that this is an absolute truth. That is not to say that source and amplification components do not contribute to the overall system. They do. What I am saying is that if you changed speakers in a system, from a dynamic three way setup to an electrostatic as an example, there would be a greater difference than if you changed from a tube to a solid state amplification system or from a CD Playback source to a Turntable source.

Just my thoughts.

I used to think it was the speakers that was most important until I hooked up a mid fi CD player in the chain to my (then) Avalon Eidolons. Not good. The source is the most important. GIGO.

I pretty much agree with Paulwp and Eagle. If my house burned down tomorrow, my stereo system was fully insured, and I got to buy a whole new system in a few months, I would start by purchasing speakers and amp first.

All other components are just as important of course, but you've got to start somewhere. Speakers are generally considered the most colored component in the system-- and therefore where there is the greatest degree of personal preference involved, so they have much to do with the character of the final music presentation.

I would then choose components that complemented the amp/speaker combination, and that suited my personal music preferences. Cheers. Craig

build the rig around the speakers that you have chosen to keep for a long time.

Next to speakers the preamp is the most important component

Ears. None of this really matters without 'em. :)

Second most important is room.
No system will sound good in the wrong room I don't care what components you have.

Third - When it comes to electronics, speakers are the most important. Yes.. yes.. I know.. garbage in, garbage out but if you have a great source and garbage everywhere else, you still get garbage doncha? Speakers establish a dimension of possibility within a system - good speakers with garbage components can still sound nice (with the right cables) but... take a pair of crappy speakers and hook them up to any system you want and it ain't going to sound pretty.