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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The room and treatments. 

Without that, everything else is just bragging about how much you spent. 
@erik_squires ...........  I disagree.... I do not think its about bragging.. I think that we all are in search of the best quality live recording performance we can possibly try to achieve. And if we believe in trying and buying our choice of equipment or tweeks that will take us to that level i do not think of it as bragging or how much we spend. Just my 2 cents, 
OP:

Sorry, I was being a little hyperbolic. :) 

What I meant was that without good room acoustics, you are never going to have a very good environment in which to listen to equipment. Mind you, the ear brain mechanism is complex, and discerning, so even in a bad room you might be able to tell differences in components, but spending a lot of money in equipment you'll put into a bad sounding room is, in my mind, misguided. 

Make a great sounding room, and then you'll be able to enjoy a wide variety of speakers, and be able to hear the subtlest of benefits. 

Best,

E
For me it was being introduced to a good recording on vinyl played through much better components and speakers then I had at the time .
 I wasn’t a fan of folk music at all however Joan Baez singing Diamonds & Rust from that same titled Lp was the hook and after that listening experience with a great explanation by the audio dealer of quality recordings his advice is top priority 35 years later .

It all starts with a great recording.
If you want the most lifelike sound for reasonable cost get a pair of OHM Walsh speakers properly sized for your room and have at it from there to max them out. Cost will depend mainly on room size and bass levels desired

If you seek the best sound, whatever that may mean to you, then have at it, many possible solutions, but for the sound of live music on a reasonable budget OHM Walsh is the ticket.

Use a reasonably priced Chord Mojo DAC with your computer, smartphone or tablet with a good quality source application like PLEX or Squeezebox or Radio Paradise playing and you will be there.   The rest is icing on the cake.
+1 mapman! Ohm Walsh's are capable of astounding 3-D imaging with "performers in the room"! They can be considered the most important component!