What is most important part of a system?


I remember reading someone saying that the most important part of a system was the source. I thought "Wrong! Speakers are the most important".
 
Now, I have changed my mind. Source is the most important part.

Right or wrong but this is how I came to this conclusion;

I have tried the same system with a CD player and a turntable. By far LP sounds better than a CD. Btw, the system had all high-end amps, speakers, cables, etc.

What is most important part of a system for you?


celo
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.
Anyone who stated source first in their list of importance please let me know what source will turn any speaker into some magical transducer . I really would like to try it ! Thanks,mike.
In Jim Smith's book, Get Better Sound, he states the room is the most important component of any system.  

Many years ago I gave no thought to "the room" whatsoever.  Over the last 10 years or so I've spent more and more time voicing and acoustically treating my rooms and it's made a bigger difference than I would have ever thought...  food for thought.  :o) 

I would posit that the quality of the scotch imbibed whilst listening must be somewhere in the top 5. 
Room
Furnishings/Chair
You
Your mood
Decent music
Power
Source
Cables
Amps
Speakers 

The amount of times I have seen pictures of ultra expensive equipment in peoples homes with cheap furniture & a single chair is laughable.