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
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.
As has been stated above, everything is important.

It then, IMO, becomes a question of value for money. As a result of that, it becomes a question of where you focus your money.

Once again, IMO of course, it then goes this way.

Good turntables are not cheap (even used). Good phono stages are not cheap, particularly for LOMC (even used).

Good tonearms can be had at a more reasonable cost (new or used).

Good cartridges can be had at a more reasonable cost (new-I wouldn't consider buying a used cartridge personally, but to each his own, although I do think a "tweaked" cartridge is the way to go).

Therefore, IMO once again, strictly on a cost basis, the following formula should apply:

Tied for first (within reason): Turntable and Phono Stage
Second: Tonearm
Third: Cartridge
I find that vinyl is the most important part of the analog chain....without it, the other parts are meaningless, IMHO.

Cheers,
John
I think the phono stage is the most important because without it you can't play a record(sarcasim).This is like saying the record is the most important. Yes, the vinyl is the reason for the playback system but isn't that stating the obvious? And puting a playback system together is alot like puting a ball team together like, let's say the Yankees. Just because you have the highest payroll or the best player at a position doesn't mean you'll have the best performing team (maybe this analogy isn't quite right considering NY's success this year). Jaybo is right, your expectations should be realistic. The turntable is responsible for bass extension, the rhythm and pace, and what makes analog sound better than digital. It affects the ultimate S/N ratio either adding noise or getting out of the way and letting the arm/cart do its thing. Belt drive is the way to go. Try reading some of the old Linn Lit. It makes sense.
http://www.linn.co.uk/music_systems_sondek_LP12