What makes up an

I think that's an expression that can be filed away. One time it meant products that were produced by dedicated engineers and designers who wanted more than the commercial electronics of the 60's and 70's and developed a following that became an underground market of sorts. They took financial risks, some became rich, some gone broke, to redefine the audio art. Today, mega companies such as Marantz and Sony push out comparable - if not better - products for less money. Products that heavily borrowed concepts from these high end loners but with the economies of scale they could only dream of.

Today, there are some following the same independent, risk taking such as Magico and YG Acoustics attempting to go one above the commercial fare, but they do not comparably blow the socks off the larger Wilsons, Thiels, etc., the way Levinson and Pass trounced amplification back in the 70's.

That's why IMO it doesn't apply any more - the market is saturated with excellent gear, accessories and services at every price point making you hard-pressed to justify price equating to performance. One only has to look at all those Stereophile Class A components to realize that almost anything you buy nowadays is based on preference rather than a definitive pecking order.

Gs5556 you make a good point. Midfi has become much better and to buy by highest price will more often lead you astray than not. On the other hand I would be hard pressed to take all those Stereophile Class A components seriously. As Albert has pointed out in his initial post, it is the right combination of gear, not the gear per se, which makes for the "high end" sound of your rig.
MrTennis,
who would have thought it, we are actually in complete agreement, but Albert's post, as I understand it, lies in the right mix of components, not in components per se. A component by itself, be it as good as can be, will easily be ruined by the weakest link in your chain and we all know by experience that a chain made up of highly touted class A gear can sound like hell. It is as in a good cocktail, a perfume, a wine or a cigar, even a woman, to be gleefully incorrect, it is the blend of different qualities that makes it.

Easy. If you happy with what you spent and your happy with the sound then its fine. On my last system I spent $80,000 on and spent more time worried that it was performing as it should rather than enjoying it.
Now Im trying to do it with what I call "My Best Bang for the Buck System". Dont try to keep up with the Jones and GET what you like! Whats in a Label?

One of the very best ways to achieve a hi end sound is to place your system in a smaller room. Avoid the need for a PA system. Seriously....
I think that in less expensive gear that tubes can create magic that solid state often misses. Now with a tube integrated amp and a used pair of -------you fill in the blank but I would go for monitor speakers here. Better bang for the buck. Even if you get floor stander that promise deeper bass you will probably not like that sound, often muddy, and slow, etc...

if the stereo system as a whole is to be assessed as to its merits, assuming that each component satisfies some standards of construction, some objective criteria for performance is necessary.

again, it is easier to specify standards than to specify implementation. it would be wonderful if errors in perception could be eliminated by designing some method which takes the listener out of the equation.