Separates or Integrated? What makes more sense?

If you had $10,000 to spend on amplification, would you put all that money and get a really great and pricey integrated amp like a Pass or Luxman. Or, would you use that 10k to buy a really great preamp and amp combo. Apart from the convenience and space consideration, hypothetically how would you choose to spend that 10k if sound was your main criterion.

J