IME the most faulty systems and thus the most important are the one that combine mechanics and electronics, or that transform an electrical impulse into a mechanical one. According to this statement (which someone might not agree to) then the most important parts of the audio chain should be the speakers and yes the cartridge, or cd transport or the heads of an RTR etc. So I courteosuly disagree with Frank, in saying than a good amplifier will make any speaker sound good, quite the opposite, ime, almost any amplifier has a good enough response in most of the range, a bad sepaker can make or break the deal. But lets just state both of them need to have at least a certain quality to enter the High End realm.
"You and I bring "soul" to our gear, not the other way around"
I do agree on this statement and this is why I say it takes time to get a system to have "soul", how much investment it will take, well there are a couple of things here. First: A system must be "correctly" put toghether, the amp must be able to drive the speakers, the preamp and sources should have the correct impedance differential between them. This way maybe even a cheap system will sound very good. Second: For a piece of gear to have soul it needs to me very well made, unluckily most of the times this is not cheap! Now an amplifier that is well made doesnt need to be that expensive, or a preamp etc. But the parts that combine mechanics and electronics, to be well made, becomes expensive, and the more money and over construction that goes into it, the better they sound!