Roundhead -
i think the key is finding a system that works for you, it can be at any level.
I have spoken, in a other thread, about an inexpensive system (Dual 504, Nagaoka, NAD3020, AR18s) that worked consistently well and was hugely enjoyable and the cost was extremely modest, even at today's proces we are still looking a just a few hundred pounds. I enjoyed that system immensely.
I have also mentioned my 'best' system, SME20A, Koetsu and Kiselki cartridges, ARC valve phono stage, preamp and solid state power amp and Martim Logan full range electrostatics with REL subwoofers.
This was an attempt to emulate, at much lower cost, the best system I ever heard (at a large house on Wimbledon Parkside) involving Martin Logan Statement speakers. On occasion my system could sound quite close to the Statement system but mostly was a long way off and as such deeply frustrating. I played and tweaked the system for a while but it simply did not really work for me with any kind of consistency so in the end it got moved on.