The $5000.00 Complete System Challenge

IMHO, speakers "deserve" the most $. (Why do I feel I just painted a huge bull's eye on my chest?!). You have an excellent turntable and no CD Player yet, so I assume that vinyl is more important to you than CDs. Next would be an integrated with a good phono stage that provides a good match to whatever cartridge you have. The integrated will give you more sonic value for the $ spent than separates, and thereby allow you to have more $ available for your CD Player, preferably with a digital out. You did not mention ICs so I am assuming you already have them. Down the road you can then add a separate phono stage and a seperate DAC.

I agree on the integrated amp vs separates in this price range. I would spend about 1K on cd, 1.5-2K on integrated amp, and 2-2.5K on speakers. If you are willing to sacrifice the lowest octives, you are going to get better sound per dollar out of stand mount speaker's, although the Maggie's suggested above are a great audio bargain. All suggestions are just rule of thumb, and most rules can and should be broken in pursuit of better sound.

If you like Rega then stick with it. An Elicit, used if you can find one, or a Mira (integrated instead of separates for $$). Saturn CD to complete the Rega stack.

For speakers, honestly, I'd go with Dali Mentor Minuet. Sound MUCH larger than they are. Could probably find some floorstanders for the money left, but you hate to scrimp on quality at the speakers. Maybe you don't get the absolute bottom octave, but the rest is in spades. Can always add a sub later when budget allows.

Should have a little left over for cables, nice pair of stands, etc.

Thank you everyone for your posts! I have received a lot of personal email as well and it seems that the majority of responses suggest spending a majority of money even as much as $4K of $5K on the speakers. With a decent P7, and a "best buy" integrated amp already, I will strongly heed this advice and upgrade further after the speakers.

Now.... perhaps the next question will be what's the best pair of speakers for $5K. I listen to mostly classical, piano, strings, jazz, blues, and a spattering of classic rock.

Thank you all for your responses and advice. Please keep them coming!