Rate these on order of importance:

Changed your mind, Rsbeck?

Yes, I still believe speakers are the most important,
but I put the others in a slightky different order.

One week and still no consensus.

I think that the order of importance changes as you go up the price scale.

For a system below $1200, the speakers will be the limiting factor. (Disc player, $250, Amp,$400 Magnepan MMG, $550). Going up in cost, I would still put money into better speakers up to about $2000 in the speakers alone, at which point improved source, Disc player/phono pickup would probably get more results than better still speakers. Around $3500, the low cost (but decent) amplification would begin to be the long pole in the tent. When you get to $6000 or so, personal preferences begin to dominate, and what's most important for one person isn't for another. Room design and treatment may offer dramatic improvement, but is not an option until you are way up on the cost scale. (Lots of "Bang" but lots of "Bucks" too).

Eldartford, while your suggestions don't fit the given paramters and I don't necessarily agree with your priorities, I think you are on to something. It's interesting how often more is invested in pre-amps with a more generous budget.