What is the most important component in your system.

" Google speaker wire and Roger Russell to learn how I got to my opinion on this subject" I think I'll pass on that, I already have my own opinion. 

Speakers. It's always speakers. Always.

The quality of the recording.  But that's out of your hands.

The most important stuff in your control:  Your speakers and your room.

Dear @tattooedtrackman: Most important component in an audio system?

well all system links in the audio chain are important starting with the room but each one of us are a " component " too of that home audio system and with out any doubt we are the more important " component " and not only because ours ears and sensivity to the sound but what determines the quality performance level of our system are two main and critical audiophiles characteristics that are: each one MUSIC knowledge level ( live music. ) that means to know how MUSIC sounds how single instrument performs. The other characteristic is each one audio knowledge levels.

Both characteristics dictates our audio items choicing/alternatives to build and up-date that home room/audio system.

Regards and enjoy the MUSIC NOT DISTORTIONS,
R.

I agree with @secretguy - Speakers