Getting into audio for around 3500$...problems...

I think that the weak link is the CD player. I'd upgrade it first. Larger speakers would understandably improve bass extension, but they could not really improve what is coming from upstream. As well, a dedicated preamp will usually be superior to the volume controls included in some CD players. You are probably also experiencing for the first time the phenomenon of upgrades resulting in incrementally smaller improvements in the system as a whole (diminishing returns).

Boy, I noticed a huge difference between a Denon receiver and separates, and between low-end and high(er)-end separates, even without tweaking cables. I agree with the post above. System matching is indeed a likely issue, and I would focus on the lack of an active preamp. If you are working with a dealer, can you home demo a high-quality preamp? To cover all your bases, in combo with a CDP? I think you will hear something *way* better than what you are hearing now.

I doubt you will see much improvement with better speakers hooked to your receiver, in fact, it may well get worse as the speakers demand more current from your receiver than it can deliver, and as they reveal the flaws in the source and amp.

I went through a very similar journey myself years ago (without the benefit of this board!), and I now appreciate just how important proper amplification is. I believed the old saw about all your money should go into speakers, and hooked up nice speakers to my receiver. It did sound better, but the speakers didn't sound really good until I went to separates, and didn't really sing until I went to better quality amps.

Search on other threads here, and I think you will see that others have had the same experience -- good speakers make a big difference, but before you take the next step, ya gotta have the amps.

Have fun!

- Eric

p.s. Before you assume an integrated is the way to go, consider separates, particularly if your room is at all large. I auditioned a variety of $1500 (or so, list) integrateds, and none sounded as good as separates in the same range (very noticeable difference). If that is your budget stick with separates. At that level, integrateds sound like just a step above good receivers.

Some of the high-end integrateds (Plinius, others) are well-regarded here -- my guess is that you have to spend at least $2500 (list) or more on an integrated to get good sound. None of those were available to audition locally, and none has the power of separates in that range. Which might be fine in your room with your speakers.

Lots more to say on this, you can certainly search on "integrated vs. separates" and probably find a very passionate discussion!

Some good advice already. Do a search on component hierarchy and variations thereof and you will find that there is a plethora of opinions as to what is the most critical in the chain audio components in a system. As has been said, and as you have acknowledged, the SYNERGY of components, tweaks, room-dimensions/treatments and musical tastes is critical and is all that this is about. Home demos are a great option if you have it. Research synergy of specific components by doing Internet searches here in the A'gon forums, on Audioasylum and AudioReview, and take all of that with a bag full of salt (as you should anything you read on the Internet). I think you can start to get a general consensus though, and start to narrow down your choices. That said, my personal opinion is not to focus on the tweaks at this point if you are looking for the MAJOR improvements (that is not to say a great PC cannot provide a major improvement, but in the budget you are talking about I think bigger improvements are available in the major components). If you like the sound and improvement the Tylers made why invest more to change them? I'd look at improving the source (CDP) first. IMO that is where an additional investment of a moderate amount has the potential to make a big difference. You could also try using the CDP as a transport if it has a digital output and invest in a good DAC (though I cannot comment on how good a transport your CL15 is). If you look at most of the responses/debates about the chain of Audio hierarchy you'll find that the majority of responses are in one of two camps at either end of the chain: The speakers camp, or the source camp. Yep, they'll be other folks picking out stuff in the middle, and they'll be a few talking bout the room, acoustic treatments, your hearing, and perhaps the phases of the moon! But most will point at one of the two ends of the chain to make the biggest difference. You've got a nice set of speakers that you like, so now look at the other end of the chain! You may also consider moving over to tubes, but that's a whole other ball of wax. I'm a big fan of tubes, and there are numerous threads on that subject as well so I won't even go there, except to say that the difference is profound in my opinion.

Although speaker makes the most difference, you can't use an entry level Denon to drive those speakers mentioned in your list, especially Merlin and DynAudio. I second that CDP direct to power amp might be a bad idea. You need a good luck to get good match by skipping the pre.

I think whatever you upgrade first will always offer you the highest in returns for your investment regardless of it being the speaker or the amp. I am not speaking in terms of diminishing returns. Rather, the first swapped component will always have the most drastic change in sound quality compared to what you have been used to.

So, I will assume had you swapped out the amp first before your got new speakers, you might claim your speakers are very high on returns on investment and not the amp. But, maybe upgrading amps just isn't very high ROI in your system...