What would you upgrade next ??


My system is finally sounding pretty good. Actually gives me goosebumps. But I'm always looking for the "weak link" in the system. I'd like opinions on what to upgrade next. I'm looking for retrieval of micro-details, air and space around each instrument and voice, 3D imaging, "palpability" of all the voices and instruments. Here is my system:
CDP: Arcam FMJ CD23T
Pre: ARC SP3c (complete upgrade/restoration at factory)
Pwr: ARC VT100 MkII (just re-tubed)
Spkrs: Acoustic Zen Adagio
Sub: Focal JM Labs SW900
Interconnect and Spkr Cables: Analysis Plus
Other: Speltz Autoformer set for 2X, use 8 ohms taps.

Thanks for your inputs.
MABonn
mabonn
Have you done anything with AC power cables, conditioning, and segregating/isolating the digital and analog with regards to AC power ??

I do not think $1500 to $2000 for a (new) DAC is going to make that much of a difference. Probably needs to be double that to make it worth while.
Wow !! Thanks everyone for all your responses.
Sugarbrie, I have not done anything wrt AC power cables, conditioning, separating analog and digital (AC). Any cost effective suggestions would be appreciated.
Jaybo: What would you recommend for a speaker upgrade that would be cost effective ? Note, I traded a pair of Innersound Eros Mk II (active) for the Adagio's. Just couldn't live with the beamy radiation pattern of the Eros.
I agree that I need to work on room treatments.
Preamp or CDP in my opinion. Of course the room is paramount over and above everything else. The preamp has a fair amount of room for improvements, but it will cost more than the amount you indicated would be acceptable for a DAC. I have not heard the Adagios, but have read very positive posts about them. Based on the posts, they don't seem like the week link to me.
I would look at improvements in the following order:
1. Room treatments
2. A new source. Based on what you mentioned you are looking for, I would seriously look at Esoteric cd players.
3. Power source and power cords.