Most Important?

I have 4 systems, and in all of my mixing and matching etc, I have found that source and electronics are more important.

One of my 1st heavily front ended systems was a Linn Lp12/Ittok/black koetsu/Mitch Cotter step up into a NAD 3020 into a pair of ADS 320 bookshelf speakers.
Total cost of that system was around 3700, with around 3k of it in the front end.
The sound was amazingly good and fun to listen to.

I would focus first on the proper amp, or integrated amp to drive my speakers. Now that doesn't mean that I'm spending more money on the amp than the source, but the amp/speaker interface is very important. A really great amp may or may not be very expensive, it all depends on how it interacts with your speakers.

A premium source is also a high priority. The real key is balance. A great source with a cheap reciever will not get you any better sound than a cheap source with a great amp.
Sorry, there is no real answer, only you can determine what works for you.

Following Tvad's example, right now my money (MSRP) is in:

1) Analog Source (table/arm/cartridge)
2) Speakers
3) Integrated amp
4) Digital source
5) Various tweaks, rack and isolation devices
6) Power conditioning/dedicated lines
7) Power cords
8) Speaker cables
9) Interconnects

Cheers,
John

Has anyone even considered the room in this thread? About 50% of the sound we hear is indirect--coming from the speaker interaction with the room. Putting a small investment in the room can frequently yeild results that could not be had for 10 times the cost in equipment.

Just a thought. (Yes, I'm biased on this subject)

Has anyone even considered the room in this thread? About 50% of the sound we hear is indirect--coming from the speaker interaction with the room.

Yes I did mention that after speakers, the room acoustics was probably the most important thing. I agree with you 100%