If you were putting together a whole new 2-channel stereo system, how would you distribute your cash on hand, percentage-wise? And where would you begin to put together that system - with the speakers or amp?
Interesting question as this changes for me depending on living circumstances and what's on the market that I have reason to think would be suitable for me. The last time I actually set out to put together a complete 2-channel system was about a decade ago, and the breakdown turned out to be:
turntable: 44%
phono stage: 7%
cartridge: 5%
preamp/power amp: 30%
speakers: 15%
cables: virtually nothing (generic-type interconnects and 16 gauge zip cord)
To answer the question of where I begin, for me it starts with the sonic priorities I want to emphasize in the system (in the system breakdown above, I was really interested in putting together a system that would bring out more in the way of soundstage/imaging characteristics, something I never really experienced in the nearly 20 years I had used an all-Linn system), then looking at what products are available to match those priorities at a cost I could reasonably allocate. I also put that system together during President Bush's economic stimulus plans and his plea for people in the United States to buy American, so every component had to be made in the USA (and I went with products from the older, now-defunct Well Tempered line, Grado, Audio by Van Alstine, and Vandersteen). The system was successful in achieving the goals I had set for it, and it was fun to experience hifi in a way I hadn't previously, but within a few years I was making changes that exchanged the cool stereo effects for a greater emphasis on pace, rhythm, and dynamics.
My circumstances are quite different today with respect to living space, desired audio goals, the amount of money I'm willing to spend (less now than formerly), and available products. A system that I could well imagine enjoying (and have several of the pieces to now) would break down like this:
turntable: 42%
phono stage: 22%
cartridge: 4%
integrated amp: 12%
cd player: 8%
speakers: 10%
cables: virtually nothing (generic-type interconnects and 16 gauge zip cord)
This system is about 1/3 the cost of the other and uses products from Rega, Audio by Van Alstine, Shure, Onkyo, and Bose. What I'm finding for myself as I grow older is that as long as I have a turntable/phono stage combination that does a good job with pace, rhythm, and dynamics (and I'm finding complete satisfaction in the reasonably-priced Rega RP3), I can use very modest amplification and speakers to get sound I find extremely compelling, easily drawn into the performances and never wanting a listening session to end.