I am kind of both. Electronics and the source are extremely important too. What especially irritates me is the distortion in the recording, the only thing you can do is try not to make it worse.
I read somewhere that the reviewer who was evaluating Gryphon Diablo 300 integrated in his pretty good system then, as a final step and mostly for fun, tried this $16.5k amp with $500 Elac, I think, speakers. He was amazed by the sound those small speakers were capable of given the over the roof amplification. There are perhaps few great speakers but many very good speakers.
I read somewhere that the reviewer who was evaluating Gryphon Diablo 300 integrated in his pretty good system then, as a final step and mostly for fun, tried this $16.5k amp with $500 Elac, I think, speakers. He was amazed by the sound those small speakers were capable of given the over the roof amplification. There are perhaps few great speakers but many very good speakers.