Speakers, which are the lone electro-mechanical component in a system (unless you have a turntable) are still the most variable, and the most influential on the final sound behind the room itself.

1.) Software

If the music or movie is not something I like and is at least competantly produced I do not care how good my components are.

3.) Loudspeakers, Room, Video system (Tie)

There is so much interaction between the speakers and the room that I do not see how you can disentangle the two. In an HT setup there is also video and room interactions though IMO they are less than the audio interaction

5.5) Preamp/Processor, Source Component (Tie)

There is always an interaction between the electronics in the preamp/processor and the source. Obviously, the amount of intercation varies depending on source and connection type (digital/analog) but as far as I am aware no one has yet developed a totally transparent preamp.

7.) Power Conditioners/Surge Suppressors

These are important in that they may be necessary evils to help correct some problems with AC Line problems such as ground loops or to a lesser extent EMI/RF problems or to simply protect the system from powerline spikes. In most cases they are a double-edged sword because they can change the sound by their effects. whether that is good or bad is a personal opinion.

8.) Power Amp

Other than the difference between tube and solid state and the effects of different power outputs, these have the least effect on the final system.

Just MO. [Flame Suit ON]

Speakers are the only component that truly crosses over to both of these consumer types, Music/AV.

Great speakers can make mediocre components sound better than they really are, just as OK or lousy speakers can make great components sound mediocre or worse.

If you get a high definition rear projection monitor, or any high definition monitor for that matter, they will all look good. Now some will look better than others, but it will generally be subtle, not earth shaking.

If you buy a great Monitor and top notch components and than chinse out on the speakers, you will regret it more than any other component.

some would argue that the differences between speakers of the same esteem would generally have subtle differences, not earth shaking. they will all sound good, in the sense that you say hdtvs look good.

what is good, and what is its difference between great? i agree that you can assume a standard level of quality with say hdtvs, but that minimum level of quality does not reveal anything about the maximum level either. so while hdtvs may all be good, there are definitely some that are superior.

same would go for speakers, however the differences in speakers is much more subjective. sound is much more difficult to quantify, as good, than sight is. most people can see grainyness, edge tearing, color bleeding, grey black, etc. and know that that tv has some issues. but most people could not listen to similar priced speakers and make a definable answer of quality in re: to why they like one over the other. speakers are subjective.

in my ht, tv is #1. as i watch primarily movies and hdtv. however, i agree that speakers are #1 for audio purposes (no doubters here i hope), but to me i enjoy high quality sights over high quality sounds. it is a close margin, with speakers being a close #2 on my list (actually id put subwoofer as #2, speakers in general as #2.1).