Rod or reel, which is more important?

[Jrob78]

The recent threads concerning the importance of rod sensitivity, (or the lack of importance) got me thinking about what you guys consider to be more critical.

Would you rather use a inexpensive but fully functioning reel with a top of the line, light, sensitive rod or a super nice, high end reel with a cheap graphite rod? Do you feel a good rod is the most important or do you think a good reel is the bigger key to fishing success?

By cheap reel I'm thinking Abu Garcia Black Max, Daiwa Procaster, maybe a cheaper Pinnacle reel...you get the idea. You can pair this with whatever rod you wish.

OR

A cheaper rod, Ugly Stick Lite, Berkley Cherrywood, Berkley Lighting Rod...etc. You can pick whatever high end reel you want to go with it.

I'm not knocking the cheaper gear, just wondering which is more important to you, rods or reels.