The home audio experience is a chain beginning with the recording and ending in your brain.
Any link in the chain may ruin the effect so literally speaking they are all as important as each other!
However, I shall place the links in the order of how
variable they are and therefore how much emphasis I place on criticising or obsessing over their performance:
1. State of mind. The presence of friends (with or without alchohol) can make listening to music much more fun! Sometimes I'm not in the mood for music. This factor is very variable and makes the most notable difference for me.
2. Recording. The quality of recordings noticeably varies a lot. Go research your favourite music, you might find there are alternative releases or masters which are better. This has the potential for making a very large difference. See here:
http://forums.slimdevices.com/showthread.php?p=270134&highlight=buckley#post2701343. Speakers. Each speaker is designed with certain assumptions (like the room, see next point) and so there is no such thing as
the perfect speaker. Rather some speakers are more appropriate than others for certain applications. There are so many disparate technologies for loudspeakers, such variety, that the difference in sonic outcome can be very great!
4. Room. The room acoustics vary a lot and have a large influence on the sound. These should be considered in tandem with your loudspeaker choice.
5. Bass EQ. Normally a domestic speaker+room delivers a very uneven bass response so this will make a very noticeable difference after looking at 3 and 4. It has made a massive difference for me. See thread here for a free, 100% transparent way to do this:
http://www.audiocircle.com/index.php?topic=51994.06. Amplification. The most important part of amplification goes hand in hand with point 3 - is it passive or active. For me, active amplification wins the technical argument and the best system I've heard was active. (However, not all active systems are better than all passive systems, clearly!) Second, depending on the load of the speakers the amp can have a hard job, and so quality of amp can make a difference. Again, with an active system the load is reduced so cutting edge amplification becomes less necessary.
7. Source. All the source needs to do is supply an undistorted line signal. Don't need to worry about speaker load, room acoustics etc. It's a voltage signal that's all. Decent modern digital sources do a good job of this and perform very similarly with low distortion. Distinguishing between them unsighted is quite difficult. It's only boutique or "high-end" sources that tend to sound different. I'm not going to mince my words here...any source that sounds
notably different from other modern sources is adding distortion to the sound IMO. There is a lot of hot air in this area.
8. Ancillary equipment: cables, banana plugs, connectors, etc. We expect these to be transparent. For example, if inserting a new banana plug or RCA jack suddenly made your mid-range liquid and your highs smooth you would be pleased initially but worried on another level. These bits of equipment are not meant to do that, they are just meant to be absolutely transparent. (BTW I view the job of sources as the same, so I'm very unromantic about that. If you want to change the character of the sound start at the top of this list and work down. To repeat, sources have a very simple aim which is why they've arrived in general at a high performance point.)
9. Preamp gets a mention but only to say...do without a preamp if you can.
Darren