I think it's a combination of both. Speakers are a major factor but the receiver does make a difference. I used to have a Sony and it was fine, but I did notice a difference when I upgraded to an Integra. I purchased the Axioms first. So I did notice a difference when I replaced my speakers and again when I replaced the receiver. Is it worth the extra money? It was for me, but I watch a lot of movies and listen to music during the day.

Mjwilli