1) speakers
2) source
3) room acoustics (carpet, rug, sofa, drapes, etc.)
If your typical room already has carpet/rug, sofas, pillows, drapes, etc., then room treatment is not needed. In this case, I would say Bass EQ (like Audyssey DEQ) is the next important.
If your room is full of hard surfaces (wood, tile floor), then you must add rugs. Otherwise, even the best source materials, best speakers, and best electronics cannot improve the SQ.