What Is Most Important?

@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

@theaudioamp

"To respond to the ops actual question, for ultimate enjoyment, being able to share it with other people. When you are your death bed, are you going to remember back fondly to that time you were sitting in your basement, alone, listening to a great track? Unlikely and I hope not"

Personally, I hope my capacity for enjoying any type of creative expression never becomes dependent upon whomever else happens to be in the room.