With all the hyperbolic reviews of gear, I find it hard sometimes to quantify how important various components of a hifi setup are to achieving the best sound possible.
What do you spend the bulk of your budget on, and what can you get away with skimping on until you’ve got extra cash lying around, to get those diminishing returns on the last few % of upgrade for your rig?
I can tell between mp3 and FLAC on my nicest studio monitors, but even then, its not a big difference.