I think all of it is important - you could have the finest quality source which could easily be ruined by an amp out of its depth or crap speakers. And even if all of it is tip top, the room could still undo it all...
And as you go further up towards the "high end" I reckon the speakers and their interaction with the room have the biggest effect.
But what do I know, I once bought a Susan Boyle CD.
I just dropped in, to see what condition my condition was in
T/T: Inspire Monarch, X200 tonearm, Ortofon Quintet Blue. Phono: Project Tube Box CD: Marantz CD6006 (UK Edition); Amp: Musical Fidelity A5 Integrated.
Speakers: Zu Omen Def, REL T9i subwoofer. Cables: Atlas Equator interconnects, Atlas Hyper 3.0 speaker cables
T'other system:
Echo Dot, Amptastic Mini One,Arcam A75 integrated, Celestion 5's, BK XLS-200 DF
A/V:
LG 55" OLED, Panasonic Blu Ray, Sony a/v amp, MA Radius speakers, REL Storm sub
Forget the past, it's gone. And don't worry about the future, it doesn't exist. There is only NOW.
KICKSTARTER: ENABLING SCAMMERS SINCE 2009