In my teenage years (I'm now 60) conventional wisdom seemed to be you should put a lot of money into the loudspeakers. The best to be heard at home was a live broadcast via FM radio in which no land lines were used. Microphone - radio links - receiver - amplifier speakers. Then the Sondek hit us and the philosophy changed - rubbish in - rubbish out was the cry. Buy the best turntable, arm and cartridge, buy the best amp you can and put what's left to a small speaker. The mechanical transducers were always and remain the weak points in the chain; but now there are only two - the microphone and the speaker. The home user has no choice over the mic, but has to trust that an accurate transducer was used with skill - the rest is digital transmission, and it's precise route is largely irrelevant. The electronics of DAC and amplifier is remarkably cheap, but the final transducer is of crucial importance. Are we now back with the advice to spend as much as you can on the speakers and make do elsewhere? (I clearly take no account of those who choose to stick with LPs - they still have to contend with the errors of cutting and pressing and LP and with the expense of a deck to get the information in the groove back into the wires.) So, for a digital replay system - put the money in the speakers?