How does one get off the merry-go-round?

Buy upgrades only when you can distinguish the new from the old by means of objective, double-blind testing....

(Cutting and running)

Budrew,

Enlighten us with your great-sound-on-for-not-so-much systems - many want to know.

The merry-go-round is exactly what an audiophile needs to finally come to the conclusion, you need off. As an audiophile I would of never rested or been satisfied without trying different products. In my search I have at times wound up with an inferior system, only to go back to some of the pieces I used to own. It is tough to find that magical synergy match between different brands of components but not impossible. The wealth of information I now posess from the merry-go-round has made it much easier for me now to choose the correct components and be much happier.

Do you get more excited about a new CD/LP or component? If the components are more interesting than the music it is hard to get off the upgrade wagon. I was looking through the Music Direct Catalog which sells everything from Creek to exotic stuff. They also sell audiofile quality music and classic music by the Byrds for example. It occurred to me that you can either stay with the same music and try to get it to sound better with better components. Or you can get new music. So is the emphasis on sound quality or the music? I get a bigger thrill with new music that any new component I can buy. Although this will probably change in 5-10 years as technology improves.
Naturally you want to get the best sound/value for the money spent but unless you can define a point of diminishing returns where further improvements are not worth the money, you'll never get beyond the equipment.
It has been said that you can get 75% of the best available sound quality for $1,000; and 95% for $5,000. To get the last 5% you could spend another $20,000 or more. It can be hard to stop or realize you're at the end of meaningful upgrades and end up spending more and more money on smaller and smaller improvements. But is this really worthwhile? If you're in this situation, DIY can be a good cure for idle hands and mind. Maybe a second system for the office or garage. It can be more satisfying than one you just go out and buy.
It has been said the best CDP made and which cost $10,000 in 1990 can be bettered today with a good quality (maybe Toshiba or Sony) CDP for $200.00. So just wait a couple of years and get better sound and for less money. Especially when you're pushing the limits of today's technology. I think this has been the case of lower cost integrated amps by YBA, Audio Refinement, Creek, and Musical Fidelity. Reviewers have said even a few years ago you would have to go with separates to get such good sound quality. Tommorrow's technology will be both better and cheaper so why not what a little bit?
I discovered I would rather listen to good music on a well set up $700.00 system than audiophile quality recordings of music I don't really like on a $30,000 system. Fortunately living in a prosperous country like the U.S., I can have both good music and a nice stereo but it helps to put things in perspective.

I really like the sound of my gear so I haven't bought any equipment for many years. I am thinking of buying A Dac though, since I like using my 100cd changer but realize it isn't the best cdp. I am waiting for the prices to go down.

I always get excited about a great new recording, I'm in this for the music. Some like fiddling with gear, nothing wrong with that. I don't know about your figures for best available sound at $1000 or $5000, or whatever. I think it's kind of hard to say anything is 75% of the best sound or 90%, whatever. What is "best" sound?

To me if it sounds really good then your getting close. Of course, you have to have some idea what "really good" sounds like. I listened to a lot of different gear before I bought mine. You also have to go to places that carry some of the "best". Doubtful you would find that at Best Buy or Target. Some people (Hell, most) don't realize there are other places to buy audio gear.

I agree you can get wonderful equipment for $5 - 10K. For most people that's enough. I also know if money was no object I'd probably have solid Gold volume knobs on my pre-amp, and naked dancing girls playing harps in my living room. If I spent $100k would it be 10 times better? NO. But, it would be better (probably).

How many thousands your willing to pay for small improvements is probably dependent on your wallet. Where the sickness comes in is if your spending crazy sums that you don't have for something that you really don't need.