What is the most important component in your system.

To me it is my ARC Ref 6 preamp. I have used a few other preamps, ML38s , ARC Ref 5se,  with my current system and none has taking me closer to music then my ARC Ref 6 preamp. Years ago I always thought it was my B&W 800 Matrix speakers and then my Krell FBB amp. But found out that to get the best sound from my 800s it is a preamp..Years ago i never knew how important a good preamp was in reproducing music. And sure everything adds up ,like interconnects , power cables , speaker cables, platforms and all those tweaks that we use and try. Now i not saying that i was never happy with my 800s and Krell or even my ML 38s. But adding my current preamp really makes my other components bring out their best. 
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Dear @tattooedtrackman: Most important component in an audio system?

well all system links in the audio chain are important starting with the room but each one of us are a " component " too of that home audio system and with out any doubt we are the more important " component " and not only because ours ears and sensivity to the sound but what determines the quality performance level of our system are two main and critical audiophiles characteristics that are: each one MUSIC knowledge level ( live music. ) that means to know how MUSIC sounds how single instrument performs. The other characteristic is each one audio knowledge levels.

Both characteristics dictates our audio items choicing/alternatives to build and up-date that home room/audio system.

Regards and enjoy the MUSIC NOT DISTORTIONS,
The optimal placement and positioning of the speakers in the listening environment, allowing them to pressurize the volume of air in the room and your ears as natural sounds do in life. Doing this reveals the emotional connection to the music better than any combination of equipment and wire possibly can. 
Agree with hifibouncer, proper speaker placement allows you to properly here the components. 

Of of course all the components in the chain must act togeather including proper cabling both ic , sc and more importantly pc.