Next Biggest Improvement after Speakers ?

I myself started off purchasing the speakers first because I new what I wanted, to build my system around them. I already had a pretty nice amp and knew I could live with it and get a new one later, besides I believe that an amp could only change sound so much. The next thing I bought were some nice Cardas Cables and noticed a slight improvement but not enough to consider it a dramatic improvement but it was favorable. I should note that I have B&W 804N Speakers which are known for little bass but I wasn’t worried because I have a pretty good subwoofer. The next thing I wanted to get was a pre amp. After reading a lot of articles and had somewhat of an understanding what type of sound I was looking for, I purchased a Pre Amp, a tube pre amp, a Cary SLP94L. This component changed my system more than I could ever have imagined. So much that I don’t even need my subwoofer any more, the bass is perfect. Its exactly what I was looking for and is so quick. I never new what quick bass was until I heard this preamp. It really gave me understanding of what was being discussed in these articles in magazines and in Audiogon. The highs are midranges are superb as well. I can only imagine what a new amp will do but I don’t know if I need to improve on what I already have. If I do I can’t wait to find one that I want.

source is paramount you can not improve anything downstream
without addressing the source first. then the speakers next.

How come no one mention about the CHAIR :(

It's been said, but the room is the most important thing. An average system can sound good in a great room. A great system will sound average in a poor room.

Then address the source. Mlauner is right nothing will add back into the system what was missed at the source.

All things being equal speakers are the least important link in the chain.

Ivor is right in his hiarchy of importance. He just forgot to mention that the room is Number 1!!!

Rooms are easier and cheaper to tweak too!

Well, now for a contrarian point of view regarding this old chicken vs egg argument. Obviously the room is the most important item, however I never bought Ivor's argument for one reason - If you pick high quality, neutral and revealing speakers to match your room, you can (and probably will) change your electronics to tailor your sound - or not -and you'll always hears the difference(s). But if you have poor speakers all you will hear is poor sound and you won't know why, let alone what the differences are in the electronics that you are paying for.! A quality pair of well chosen speakers can easily last 15 to 25 years - 2 to three times longer than your electronics will. The only hitch to this is that getting these speakers first will sort of demand that you assemble high quality electronics and sources which might be a financial burden for some.