Most important component??

Is the reason CD players, as opposed to Cd/redcordings, rank so low becasue there is relatively little variability in their quality and level of competence to do their job?

The source,always has been always will be.Doesn't matter what you do downstream it begins at the beginning.

The most important component for a CD based system would be a turntable.

Besides Room, i would say:

1. Recording
2. Agree with duke: Loudspeakers-Amp Matching
3. Preamp
4. Source
5. Cables

markwatkiss, i agree the source is all important, but if (if) most players are technically excellent and differ little, the choice of which to choose is of less priority in seeking good sound, whereas speakers and the rooms they are used are highly variable - so sure, the Cd player has to be good (the recording even more so), but I think you wont find a lot of difference between them in their effect on performance.