What is the most important component in your system.

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

The optimal placement and positioning of the speakers in the listening environment, allowing them to pressurize the volume of air in the room and your ears as natural sounds do in life. Doing this reveals the emotional connection to the music better than any combination of equipment and wire possibly can.