Ok this will be a good thread.

in this case one-D thinking cannot be precise since saying that speakers or amp are the most important components is just like measuring the length of a shadow not knowing the actual position of the subject.

less demand certainly on the speaker if the amp is hell of a beefy and strong and the other way back.

how about building an amp or an active speaker with amp that perfectly accepts a speaker's impedance curve huh?
than the system will totally relay on source and pre-amplification. what if an amp is quite sencitive, having high input impedance and your listening room is not too big?
yes, you can get along with passive preamp and now the source is the most important component!

or i can offer you a simple statement:
i have a speakers but i know that there are better; i have an amp, but i know that there are better; but i have them together and i love them ONLY together...

one and THE only one exception and probably the most important part of a good 2 channel system is the music that YOU love - that's definitely number 1.

speakers...i don't think that my system will sound that bad if i replace the Audiomeca CD player with a $150 Pioneer DVD player, but i can bet that the system will suck big time if I replace my Innersound isis with $100 KLH speakers from best Buy...

I am in the all camp. If there is no head; it's a dumb. If there's no middle; the swan can't fly. If there's no tail; the Dragon sinks in the bath tub. :-)

You also need a big Ego to have those completed ... Just kidding... Hehehe.

6chac, lovely and funny as usual. Is this going to be a reunion?

Your listening space has the most effect, in my view, on the overall sound reproduced by your system. The recorded source obviously is what will most influence the sound you hear, but I'm focusing on the reproduction of that source.