Good thread, hard to add much to the very good views presented. But here's a question that over 39 years of system building still baffles me. That is what seems to me the impossibility of building a system the way it should be built, i.e. by auditioning any significant purchase in your own system. You can go to shows, read reviews, and other research, but it is just not practicable to home audition most gear (yes, The Cable Company is an exception). So what happens, at least to me, is that you need to meet a dealer you can trust. And even if he is willing to allow home auditions, your choices are still limited to the brands he carries. You can still do well this way in building the system, but have to admit you have no idea how it sounds compared to the great variety of good equipment out there. The point being that in building a system, one's knowledge base is necessarily limited. And I want to Listen, not work (while admiring those who do want to work).
Not to mention the forest of directly conflicting claims by numerous respected professionals in the field, most of whom presumably are people of integrity who just have differing views, but nonetheless they provide little reliable ground to stand on.
As for the original question, rephrased, "have your high end system purchases remained worth it?", my general response is that, even though I consider myself a value shopper always very mindful of diminishing returns, and am in fact very happy with my system, I have seldom gotten the level of sound quality I expected from any major purchase. Maybe inflated expectations. I agree with those who have cited small tweaks as often exponentially more cost effective than major component changes. And I agree with the many comments about good sound from modestly priced systems, having owned my fair share (how about Infinity 3000 speakers, or any Rogue or NAD product).
But to emphasize, the above statement does not contain an implication that I don't enjoy my system--it sounds beautiful, I am glad I've spent the coin and feel I've gotten good value (while acknowledging there may be very different opinions of that). System is Aesthetix Eclipse stereo amp and preamp, Resolution Audio 3.0 CD/DAC, Antipodes DX digital front end (no vinyl, tape or 'phones), Vandersteen Model Seven MkII speakers, and medium-high end Audioquest wires, old RGPC power conditioning with amps plugged into wall, Mapleshade rack with 4" shelves. Maybe new retail total somewhere around $130k (yes, a ridiculous amount of money), I bought majority used or at good discount. Again, despite liking my system very much, I would have thought this level of expenditure would provide better sound, mindblowing sound, actually. Again, maybe unrealistic expectations. But that consideration doesn't matter. What does matter is that I enjoy the system and am glad I've bought it.
As you can gather, my response to the original question is that I am delighted at what I've gotten for my money, and disappointed at what I've gotten for my money...
I also agree with a previous post who suggested it takes a lot of time and effort to put together an agreeable system, and with another who said that very good sound is unavoidably expensive.
And now, with the mercifully increased dark enabled by the end of DST, I am about to turn on the system and enjoy the beautiful music.
jimski