@Iggy
Here are the ingredients for good sound in order of importance (from most important to less important). All my own personal experience. Others will see it similarly or completely differently.
1. the quality of the recording. By this I expressly do NOT mean hi-res or not.
2. the sound quality of the playback room and how the speakers are placed there.
3. the quality of the speakers. This is by far the most important aspect of the technical system. If you are starting out, invest most of your budget in really good speakers. If you want to significantly improve an already decent chain, this will also only work with even better loudspeakers.
4. the quality of the amplifier and how well it harmonises with the speakers. Here, too, it usually pays off to spend a little more money.
5. the DAC. Opinions often differ here. Some prefer R2R DACs, others Delta Sigma. Modern amplifiers often have decent DACs built in, so you don't necessarily need an external device.
6. Nothing for a long time
7. all the other stuff like cables, power supplies etc.
Interestingly, most of the ‘voodoo’ discussions centre on the most insignificant points.
As I said before: All my personal opinion and experience. YMMV!
