What is the most important component? Every single one of them.An integral audio system is like a piano, all parts of the piano are important....You are right about that.... But put the piano in a good room or in a bad room it will sound very different...
It is better to have an average audio system in a good room than a better audio system in a bad room... And the difference if the acoustic controls are optimal is so huge than the best system in the world will not be enough to beat a less good one in this optimal room...
Then focusing on cables or sources for sure is right....But secondary....Especially when advising people about good choices...
BECAUSE in audio experience for almost all people with an "average audio system" nothing compared in S.Q./price ratio with the acoustical settings controls of the room...
If someone own a dedicated room it may cost peanuts.... My mechanical equalizer cost me nothing for example...My passive treatment cost me nothing also....Is it the best? no... Is it extraordinary? yes...
Some pychoacoustical factor are related not to the gear or the tweaks or the cables or to the speaker choices mostly, but to the relation between the speakers the room the passive materials treatment and the active controls mainly....
Why?
Because for example listener envelopment or LEV is related to the timing thresholds of the wavefronts coming from each one speaker, and crossing the different pressure zones and reflecting on the walls toward EACH ears with DIFFERENT timing cues....No piece of gear by itself can give this experience of the listener envelopment or LEV in a non controlled room....Some piece of electronic gear some very costly "tweak" using RF can( like the schumann generators at low cost help a lot or the more sophisticated atmasphere of SR which is more powerful) but they will NOT give you a natural timbre experience like an acoustical treatment and active control will do and must do....Then.....
Psychoacoustic is the gate to the optimal audio experience.... Upgrading the gear is not the way, save for rich people with no time to do the brain work....