Which Component Has the Greatest Affect on Low-Level Listening


I'm looking to get out of HT 5.1 and go strictly to 2 ch.  I generally have music playing all day, often just sitting done to listen to certain tracks.  

I've read that "some" speakers don't sound "good" until high listening level, and also an integrated such the Luxman 505 don't sound good at low levels (is that the reason they include loudness?).

Which component, the amp or speaker, has the greatest impact on low level listening quality?
bgm1911
The preamplifier, doubtless.  Why?  Because unless it is forty or more years old, it lacks a "Loudness" control, which was specifically designed to solve this problem  It emulated the Fletcher-Munson curve in reverse according to the level set.  So you got all the frequencies regardless of level, if you wanted that.
Good speakers are #1. All the rest of what you have will work to the level of your speakers and not a single bit more. Spend a million bucks and your limit is still the speakers.
a very well executed line preamp with attention paid to stable linear gain attenuation will have the most dramatic impact of fullness at ALL playback levels.
 






This is the best advice, it makes sense. I have 80 db sensitivity speakers and they sound great a low levels, plenty of good bass. My preamp made the most difference for low level listening, attenuation is very linear in my preamp.