100% = Perfect reproduction of music
1. Speaker = 60%
2. Listening room geometry = 30%
3. Pre/Main Amps = 5%
4. Source (CD, vinyl, etc.) =4%
5. Connection (speaker cable, etc.) 1%
No matter how expensive any special speaker cable (used $50 18-AWG vs >$500), yes, THERE IS A DIFFERENCE, but the difference is maximum of 1% improvement to an overall system.
My audio room is much better than that of my local audio store (very reputable, honest). Last year, the store gave a demonstration playing ca. $12,000 KEF speaker and ca. $10,000 mono block tube amps. Right after the demo, I listened to my system, no significant difference in terms of emotional feeling. Even my system played better, I thing, due to better room geometry (wider, bigger and higher).
I sold a tube phono stage (ca. $4,000, brand new price) to an AudioGon member last year. Why? Frankly speaking, I could not heat any significant difference between the phono stage and my vintage Onkyo P-304's phono stage.
My conclusion: Speaker and room condition matter most!