Ok this will be a good thread.

Absolutely agree with Mrtennis. I find that the mood I'm in has more bearing as to whether or not I'm going to enjoy the listening session and not what equipment I'm using.

So, Mr. T even a bad jazz combo listened to live can sound good if your mood is good? My experience is that a bad jazz combo would turn my mood from good to bad. Same with a bad sound system, some systems sound so bad that I feel sick.
Bob P.

Steve is correct the speakers are everything and go from there.

Speakers.

A vote for speakers and this is based on my experience of change. Every change in the system has an effect, but the biggest change and or improvement is the speakers. So this is my order of declining significance, which is not to say items on the bottom do'nt play a big part.
Speakers.
Amp
Turntable/tonearm/cartridge
Phono stage
Tuner
CD player
Interconnects
Stands and tweaks
Power conditioning
power cables
Just what I have found, but in there are some dramatic changes from small things. Two examples and strong recommendations, Walker Audio HDL links, Marigo stealth Signature mat.
Some of the reason for the items lower in the list, is, I believe, because of a general rise in quality and performance convergence. IN particular, CD players, it is far harder to find really bad players now. Even the cheapest give a creditable performance. At the top, there are so many conflicting choices and compromises in making a good transducer, sound varies enormously and not related to cost. Having just installed Acoustic Zen Adagio's, I can't think of any item that has improved/changed the sound of my system by so much