What is most important part of a system?

The "Chairman" of anybody's system is indeed media:
It could be fantastically recorded mostly classical, jazz, folk or it could be poorly recorded rock or combination of both 
One way or the other, no tunes to play -- no need for other components unless you're stuck to your tuner or playing your guitar via microphone :)

To that owned recorded media, the listener should than take first most important step to find synergy with system that one is about to build of course having budget in mind weather it's limited or not (just like in case with ebm :-) 

Categorizing importance and quality of components is deep error IMHO, because at least each an every separate component has dedicated function. Finding components in proper synergy within the budget is far more important PART than having single component as most or least important part of your system. Therefore the sound system that pleases you have importance of ALL components logically EQUAL unless you wish to literally define amplification components as secondary importance. You can therefore connect your $5k speakers directly to the output of your CD player with no volume control, because it ain't gonna be to loud anyways :-) Also in case with analogue -- not even phonostage or even speakers important(you may logically assume) -- just position your ear as close as possible to the needle or lean it firmly against the stand and you will be able to hear tracks. Why not? At least we will have golden ears evidence haha ! :-)

Categorizing importance and quality of components is a good idea because some things are more important than others, and because improvements in some things for a given cost make a larger SQ improvement than other things.

If you built your own listening room (properly) and spent over $25,000 on speakers you are in a different category than someone who spent $850 on speakers.

Randy- 11

I can't see you comprehend correct
tha fact one spends $25k on pair of speakers does not change the importance higherarchy i mentioned 

randy-11"The DAC is easy to get good sound from at a few hundred dollars and there is no need to spend $35,000 on it."

I guess I am in the wring business then!  I recently demonstrated my DAC to a person who had a well known company that builds a inexpensive DAC around $1K.  You know the rest.  The guy had Magico speakers in his system.  He sold his DAC within 30 seconds because it could not compete with the sound he heard from my DAC.  Same goes for a $5K DAC owner, and a $18K DAC owner.

He played the Lou Reed famous song take a walk on the wild side.  His DAC did not get the spacing, soundstage, tone, etc., correct and when the backing vocals came on, they switch from left to right speakers, his DAC barely showed the switch.  With my DAC it was like they walked across the room, faded out in the left speaker, came on to the right speaker, and then the vocals got louder and faded away with decay that his DAC could not reproduce.  With my DAC you could hear the number of persons singing in the backround, with his just a flat wall of sound, no dimension, hard sounding, no emotion.  

You cannot make statements like this unless you have really heard what a really good DAC can do for a system.

With the $1K DAC the system sounded like every other mid-fi system I have heard even with $30K speakers.

Just saying - Happy Listening.  

show me the blind listening test results