Sorry, I have to mix things up... changing amplifiers, for me, has made the biggest *relevant* differences in my system. "Better" speakers sound positively wretched with a funky amplifier. Choice of power amp / pre-amp can make or break the sound in a system. As my speakers have improved this effect has become more and more obvious. I'd MUCH rather listen to my old Axiom M3ti speakers driven by my Craftsmen 500's than my Diluceos driven by my old Denon integrated amp. Even lesser speakers can sound good with proper amplification, but mediocre amplification can never be masked by good speakers. Now, on the other hand, speakers do seem to carry along the largest sonic signature (frequency and phase response anomalies), but I'd argue that awful / gritty / grating / harmonically-unpleasant noise-tainted sound is much more likely to arise from a mismatched or low-quality preamp or amp than it is from a speaker (unless, of course, we are talking about a white-van special with an all-electrolytic crossover or something).