At the top of the line is it really all that different?

@kerrybh +1

I’ve been contemplating how to give a thoughtful answer to the thoughtful question posed by the OP. I don’t think I’ll do better than the above but will add my $.02.

I’ve enjoyed every stage of my systems development over the years. As I made one improvement, I found myself desiring to make other improvements - because it was both fun to see (hear) “what if” and musically rewarding. It was also sending me down the proverbial rabbit hole. Upgrade here led to upgrade there. 

I have several times concluded I was done, just wanting to sit back and enjoy the music, only to eventually explore another what if. 

Where am I at now? Well, I stumbled into the category you are inquiring about with my DAC/preamp and cables. The speakers and amp are certainly nice, but fall well short of TOTL. Each piece was chosen based on a combination of performance, what my room would accommodate, aesthetics (I don’t want to look at gear), budget, and what was available from dealers I know, like and wanted to support.

Based on that criteria, in my room (a notable limitation), I find my speakers give me 95% of what I’ve heard from the best (other than MBL 101 MK IIs - but those didn’t meet the aesthetic requirement). They’re very satisfying. Will I ever upgrade? I can’t say.

On the DAC/preamp and cables? They’ve given me more of everything, allowing the speakers and amp to give their best. And yes, to me it was worth it though I can easily imagine others thinking me quite the fool. But they really were notably better than the gear they replaced (which was already good) and what I heard elsewhere. Better than other TOTL gear? Doubtful, but I had sound reasons for the choices I made.

Is it all worth it? I would never say one way or the other for anyone else other than to say never risk your financial independence over audio gear. Assuming that’s not a concern, I would suggest you step gently and try a piece here and there to see if it brings you the satisfaction you desire. It can be a fun journey, though be forewarned: I’m pretty sure no one actually gets to the final destination. 

What’s next for me? Not sure. I still wonder about my amp but substantively improving it would require a big spend - and I’m not sure I’d get that much more anyway. And, I am considering the Taiko extreme and Olympus servers - though that feels like it may add complexity I don’t need. And they are changing things quickly in that space. 

So today, I’ll enjoy the music. Hopefully I’ll do the same tomorrow.  And then I’ll go AXPONA and I may stumble again.

Best,

In my experience yes.  But I don't always need to be listening to a high end system to enjoy music.

Let me explain - I have experienced significant upgrades in my system over the years.  I notice them and enjoy them.  And I've listened to music at audio shows. in my local audio dealer and at folks houses.  I've had times where I listening to music was awesome and it was powered by a modest system.  I've had times where listening was 'ok, time to go' and the system was very high-end and put together.

I don't expect to upgrade again and I do enjoy listening to different music and different music.   

Enjoy  your journey!

We've been here before so many times. How well you can hear means a lot, just as how important this audiophilia nervosa is to you. I personally would not spend on audio too much even if I easily could, but it would still be tens of thousands dollars. Many components in the chain, so the cost is high for excellent sounding system.

However, after a certain level major limiting factors are recordings and room acoustics. Hard to change the former, right ?

First of all, system are different. What makes one system sound better may not produce the same results in another system.  We have a listening room and I cannot tell you how many times a person has brought something over to put in the system with not the same results.  Many times that is because the components we manufacturer have such great power supplies that power cables, etc., don't have the same impact in our system.  That is why you need to hear something in your own system to see if that change is worth it to your ears only.

Happy Listening.

It is a very useful skill....learning how to fix recordings...

You're outta luck if you are spinning vinyl. But, it's doable on the digital end if you learn some software and a few tricks.

If some mastering technician got a lil too high before he worked on it, it shouldn't be the reason an artist got doomed forever.

However, after a certain level major limiting factors are recordings and room acoustics. Hard to change the former, right ?