What Is Most Important?

Disappearing act, that a well setup system does. This is most important to me.

@cd318 - indeed there are some decent releases from the 80's, but there are bands like Midnight Oil, Iron Maiden, Black Sabbath, Metallica, and loads of others whose mid-80's released CD's are horrible - low volume and compressed to death. Fortunately re-masters have come out of all of these....

I am going to say amplification.    Sure , speakers are crucial .  But how many of us can afford or have the space for our dream speaker?   

My Zesto pre and Toolshed Amps 300b have definitely elevated my system to audio nirvana.    Anyone with preconceived notions of Klipsch Forte IV would be quite surprised how they sound driven by great equipment.   While not my end game speaker they are pretty satisfying until that day arrives .  

I would like to add that I believe many speakers are sold due to chasing "that sound",  when in fact MANY are quite good and not driven to their full potential by the amps / preamps they are paired with.   

@panzrwagn 

"Engagement. If the system, modest or mammoth, engages you then it's all good.  If for whatever reason it doesn't engage you, you'll never be happy"

+1