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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I have a newer pair of large OHM Walsh speakers with 12" main driver I am digging as I type.  They would be very hard to replace so those I guess.
I have to say the speakers because to me they have the sound starts your journey toward the sound you like. But Liz has a great point not to be overlooked. Total system synergy from cables to source to pre/amp/integrated.
No still the same F5s and content as a cat.  Newer than many but not the newest.  

Another way to look at the most important .. It is the part you are MESSING AROUND WITH at the moment. For me that is duplex outlets. Who would have thought the outlet could change the sound so much... All I am doing is figuring out what they did and where I want them to do it. LOL.   PS I have a total of 17 duplex in my system. One wall, six extensions, and four more in first power conditioner. then another six in the second. A few are spares, some are for the video..But a bunch are the target of my interest.