Yes, Mike puts it well. "Thrifty", "affordable", "reasonable", "inexpensive",call it what you like, just don't call it cheap. Affordable means something different to each person. The most important thing is for each individual to stay within their budget and do the best they can.
One can allot a budget to an entire system or as Chris stated, to individual pieces.
Chris, I like your thinking as well because it takes into account diminishing returns which have a huge effect. I personally believe that both budget and diminishing returns should be taken into account as priority. Like I said, the whole idea is to do the best one can within one's means.
Talking what is considered high end or fine audio is almost uncharted waters for most folks and that definitely includes me. Up until a couple of months ago, I was of the belief that there was precious little out there in I guess what could be called affordable high end (also forgetting that I have a couple of pieces myself). It wasn't easy for me getting them, but I did it.
I now believe that one can obtain fine audio gear without sacrificing a mortgage, hawking everything one owns, going into BK and all the financial and life tragedies visited upon a fool and their money. I feel that the fine audio makers should offer at least just one item considered reasonable and affordable as it would do nothing but good. One doesn't have to be an economist to see the good in that for all involved.
Well, I only very recently found that a number of them are doing just that, all ready do that and it looks like more are coming, even if it's a trickle rate out of the faucet, it's a very good thing!
If one looks one will find that there is a lot more fine audio gear out there than immediately meets the eye. One has to look for it, but it's there and it only takes a look. I'm talking about big touted brands like (and these were surprises to me), Vienna Acoustics, Sonus Faber, Focal, Pathos, Peachtree, just to name a few.
Also good dealers like Mike will know what is what as well.
A bit early for this, but I have a wish, a dream, a hope, whatever you call it, it's not only about myself. I want to introduce good sound quality to folks who don’t know they can have it, folks who think they can’t have it and/or think that possible affordable “high-end” gear doesn't even exist, like I thought. I want to show that high end pieces don't have to cost $9k, $10k, $20k or $30k etc. each or something. I want to show them that they don't have to live with cheap Chinese produced gear off the Walmart and Best Buy shelves or what have you that may not last the trip home and definitely won't have the staying power or deliver better SQ. I want to show non-audiophile folks like myself that there is more affordable high end gear out there than meets the eye with realistic numbers that can be had in relatively short order or of realistic goal to save up for, even if it takes a year or two or what have you depending on ones means.
Ok, I have a fear of heights and close places so I'm jumping off this soapbox now. I tend to get a bit passionate about certain things.
Anyway, just my opinion, that's all.
~Eric