I am not talking about performance as I think there is more to the bicycle than performance, and there is more to a frameset than fit.
But then again to me bikes are a way of life, not a job description nor a means to impress a fellow man...
And in that sense, the frameset really is the most important part. Different wheels may make a bigger difference, but that really wasn't the question?
I'd rather take poor wheels on a the perfect frame than the perfect wheels on a poor frame, any day.
The question was where the emphasis should be, frame, components or wheels?
Fit is the most important thing of all. Get it wrong and there are compromises forced on you in terms of balance as well as component choice. But materially it is pretty irrelevant thereafter. I have two road bikes, one alloy and one carbon, both set up with identical position. The frames are about half a kilo apart in weight and due to lighter parts a full kilo as bikes. The other factor is the alloy being several years older. Despite received wisdom suggesting the carbon should be more comfortable & better climbing it isn't any faster nor more forgiving.
I had the use of one of our test bikes a while back. The frame was my size and set up exactly as my regular ride, but it rode like a pig. By swapping out the entry level wheels for a pair of my own it was transformed to a joy to ride.
So given the choice, I'd rather take a mid range frame & midrange components and roll on the best wheels & tyres, every time.