What is most important part of a system?

Shadorne wrote,

"I have not had nearly as much upgraditus as others. I believe it is because I have chosen carefully and wisely. I don’t try to achieve a sound or sugar coated flavour filled sound. I seek accuracy and total neutrality. My thrills come from the music and the recordings and realistic convincing presentation that conveys the true dynamics of live music and real instruments (requires more than 120 db of clean headroom). Audio systems should be like a great camera lens - as clear as possible."

Gee, no kidding? I don’t think I’ve ever run across anyone who’s goal was sugar coated flavor filled sound. And I doubt anyone would disagree audio systems should be as clear as possible. I also suspect you are confusing dynamic range with headroom or peak level, whatever.

  Great question , and some excellent responses. But gentleman are you all out to lunch ? The most important measure of any system is " DOES IT PASS THE WIFE FACTOR "! I just felt like injecting some humor 😮 . But thanks to all for a great question and some very informative responses. Happy listening , Mike B. 

Speakers.  I have some Wilson Sophias.  They sound great through my McIntosh preamp/amp setup.  And they also sound pretty good through my 30 yr old Technics 40watt integrated that I dug out of the basement and used until I found a new preamp to replace the one I had sold.  So, speakers is my answer. Hands down.

Speakers are the personality of the system.  I'd rather hear my speakers with a boombox for power/source than to hear the boombox speakers with the rest of my system for power/source.  Of course, none of us would put together either combination but you get the idea.  I'll take fine speakers with so-so electronics over the alternative. 

For me its speakers. Once you've found the pair that move you for all practical purposes your there. Improvements in everything else,  source, amp, preamp, cables, will only making them sound even better. Don't care what people say, if you start with crappy sounding speakers, no source, amp, etc... will make them sound better.