What is the chain of importance in analog system ?


i seem to hear different opinions on this matter.
An old audiophile chap told me that the most important is the cart, arm, table, phono stage (in that order).
On the other hand, some analog guru said, that the most important is the phono stage, then the table, arm, cart.
One friend, even said, all is important!
I tend to agree that all is important but we don't have deep pockets to afford an all out assault on a tt system.
Perhaps some people here can share their views.
thanks in advance.
nolitan
I learned first hand how important the TT is in the analog chain. When the VPI Aries first came out I went to the dealer to check it out. He didn't have the Aries but he had an Aries Jr. on display. The Aries Jr. was an Aries with the HW 19 Jr's platter and bearing. Everything else was the same. The Aries Jr. must have been a very short lived model because I never saw one before or after that one. The dealer said that if I wanted that one he would give me great deal and would then order the TNT 4 or 5 (I forget which one it was) bearing and platter and that would bring it up to a full blown Aries. When I got the Aries Jr. home I was very disappointed. The sound was very thin and I had almost no bass. I called the dealer and he assured me that everything would be okay with the new platter and bearing. Quite frankly I didn't believe him. I thought I had made a very big mistake. The following week the platter and bearing came in, the dealer installed them and I took the TT home. Everything else in my system was the same. The only difference was the platter and bearing. What do you know. The dealer was right. Everything filled out. I had a nice full bodied sound and the missing bass was there. It was then that I realized how important the TT is to the analog system. I don't have golden ears. There would have to be a pretty big difference for me to notice and believe me there was. A chain is no stronger than it's weakest link and the TT is the first link in the analog chain.
I think this analog analysis is a tad microscopic. The most important piece of matter is the record itself. If it is terribly worn out, scratched up by a cat in heat, cracked or have moguls for warps it really can't sound good. It relys on - no good great indiffferent or terribly bad cartridge, or arm, or cable, or phono stage, plinth bearing spindle shelf footers and dampers will be able to fix that.
Trust me I do not edorse or not endorse blue white hot stompers or whatever. The record firstly must be in good shape.
If the music content extracted from the vinyl or polymer, or wax etc. is something you really dislike, nothing in any part of the chain that you change will matter. In all probability you will not even trouble yourself, to play your rig if the music sucked.
No matter if a system happens to have utterly perfect synergy, is an assault on the; cost is no object, the top of world, state of the art, all time best equipment. Hearing a dreadful bit of cacophany that someone accidently decided was music, and do actually enjoy.
May send you howling the blood curdling screams of a severely tortured soul, at mach speed out of the room.It can never be compensated for ( watch it-that sounds like phono stage stuff) by any gear known to man or alien, whatsoever, period, end of story, good bye.
If I were to start over again. The entire chain would go like this. For analog only playback.

A#1. MONEY.
1. Turntable.
1a. Consider 2 arm table.
2. Arm.
2a. Additional arm to be mounted later. Stereo/mono play back.
3. Phonostage.
3a. With 2 inputs.
4. Cartridge.
5. Preamp.
6. Speakers.
7. Amp.
8. Cables interconnects & speaker.
9. Power Conditioner.
10. Power cords.
Records between everything.
IMHO.
thanks for the input guys. So, if we are to put this in reality, maybe you guys can suggest some good combos to start with based on the theories and experiences you guys have.
maybe a tt system w/ cart, table, arm, phono stage and tonearm cabling for $5000-$8,000.

Ex: Lyra Dorian-> VPI Classic with original tonearm-> modwright phono stage-> nordost tonearm cabling

this is getting interesting.