Most Important?

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.

Because of the bigger soundstage my new speakers have changed the way cd's sound in my room more than any other gear. That proved something to me. I still say speakers are most important matched to an amp and then source. Something I read once still sticks in my mind; a cable manufacturer wrote (I'm paraphrasing) that audiophiles constantly change gear never realizing the full potential of the gear they had because the cables they used were the weak link and holding back the potential of the setup. So cables may be most important for the phile who already has great speakers and other gear but is not getting pleasing performance. Every comment here is an unproven theory however. All of us can only provide our take.

you are right on track building off your speakers as the foundation...amp matching is next, then front end and last is wire....but before amp I'd get the electricity nice and clean, room acoustic anomalies sorted out then off you go.
Larry