Most Important?

It's not necessarily about the amount of money. After speakers, find the right
amp match as mentioned above. This may or may not be the next highest
amount you spend. It doesn't need to be so.

I have found source and preamp quality is directly related to cost, so IMO, the
source and preamp are often the highest cost components in my system.

From highest to lowest cost (retail) in my system:
1) preamp
2) amplifiers (mono)
3) speakers
4) digital source
5) power cords
6) analog source (including table/arm/cartridge)
7) power conditioning/dedicated lines
8) interconnects
9) audio rack
10) miscellaneous vibration control tweaks
11) phono preamp
12) speaker cabling (by far the biggest bang for the buck in my system)

AMR CD77 (9K cdp) and "Bose" Cubes would be the way the above gentleman would like you to spend your money. Nice........

Matching gear/speakers has little to do with the amount spend.

Speakers and amp matching is essential.
Transparent preamp with quality source is also very important but should be consider after ideal speakers>amp match.

Cheers
Mariusz

If you are talking digital then $1000 gets you a darn good source if you are
careful/selective (after you get diminishing returns). A darn good pre and
power amp can be had for around $5000 again being selective. $1500 is
where things begin in speakers but above $5000 is where things are
significantly improving although I would guesstimate that above $20,000 on
a speakers or $10,000 on a sub you are starting to reach into diminishing
returns. Room acoustics is very room dependent but an expense on par with
the cost of your source and amplification seems sensible. (Room acoustics
can easily do more damage to the sound than most entry level source/amps,
IMHO)

If you are looking at a TT you may have to spend a lot more on source - but I
have been out of that for a long time so I can't comment.

In my book you reach diminishing returns fastest with a source and amp and
slowest with speakers and room acoustics. Speaker and room acoustics is
where all the bad stuff happens (distortion, reverberation etc.) In that sense a
modest system in a good acoustic environment will outdo an all out assault
on equipment in an untreated poor acoustic environment.

Probably the single most important thing you can do is to get a house with a
a really good room for listening. No amount of effort will put lipstick on a
pig. As concert goers will know - some concert halls are stunning and
marvelous and others are just well impossibly bad.

Of course careful buying of used on Audiogon can get you all of the above
gear for a "song" if you are patient and don't mind old gear with a few dings
or scratches!!!

Make mine the second vote for spending the least amount of money on the speakers, and the most amount on the source.

Damn... you guys are making me feel worse for selling my Michell Tecnodec/ZU103 and keeping my Rega P2.

I think the money spent on source and less on speakers makes sense.

Where does amp and preamp fit into all this? Monoblocks vs Stereo amp vs integrated?

Also damn Canadian dollar..... sighhh.. the good times are over.