Order of importance

Briweve beat me to it by a few seconds.

I agree, get the CD player first. Thiel speakers, any of them, are revealing enough that you should get enjoyment out of a source upgrade. CJ equipment demands a good source as well. The CJ PFR is on my short list of pre-amps to upgrade to. I use a CJ PV12 right now, and my system is topped off with a Meridian 508.24 cd player. IMHO, I believe that a system is only as good as its weakest link. Why spend a lot of money on one component and then not much on another? It's like putting low-octane gas in a sport car--It will run, but not well. You've got a great system with the CJ and Thiel combination. I think a good CD player would make it even better. Hope this helps.

I have found that no component is 'more important' than the others. Great amplification with poor speakers sounds at least as bad as poor amplification with great speakers. I do agree that running a lesser cdp will sound relatively poor with Thiels. You say all your upgrades have been fairly recent, so I do not see the problem with starting with the speakers. Although I don’t believe in a component importance hierarchy, I have found that variance between speakers is a little greater than the variance between other components (n/a for turntables). What if you later found that you really dig the Thiels but your electronics were all wrong for them? Definitely get a new cdp or dac, though. I like the Linn Ikemi. It is so choice. If you have the means, I highly suggest picking one up. Haven’t heard them but I hear great things about Meridian 508.24, Wadia 830, Mistral, and Cary. Have fun

Price is a big issue, and your overall budget on where you expect to go is another issue. For me, I started by buying great speakers. They were a great deal, but it was the most expensive $2000 I ever spent. I had to constantly upgrade to get the most out of them. They became the stronghold--and everything (I mean everything) else was the weak link. In your case it seams simplier--you have good speakers and a good pre-amp. Your source is clearly the weak link. I also used a relatively inexpensive CD player as a transport and bought a good D/A (then a better transport--then a better D/A--then another better transport). So my advice would be: figure out where you want to go with the system--then it's easier to find the path. If you aren't concerned with the "future" formats--buy the best redbook CD player you can afford. I think the dollar value in single box designs is better than 2 box (unless you're like me and want the upgrade path of DAC-transport-DAC-transport) If you are concerned about the "future" formats consider a D/A that is fully upgradeable and then upgrade the transport that will accomodate that (as it becomes available). I know there are no DACs that do SACD (with the possible exception of Accuphase)--but some have the capabilities and will likely become upgradeable if that format really takes off. I have not invested very much in the future formats--I do have an SACD player, but it's not up to par with my CD playback system. It does have promise as being better, but until there's more software--I'm in the wait and see camp.

I'd like to add that I'm not unhappy with the system as is, although I will likely upgrade the CD. I love the Thiels and these are the cornerstone of the system. I have always liked the Thiel sound. I suppose I'm looking at optimizing the system as simply as possible. Getting a new CD or DAC seems to fit the bill. Your suggestions are much appreciated.