"It's all about the glass"

Some say that "it's all about the glass". Myself, I say that the body and lenses are on equal footing. Specific situations, of course, will most definitely favor one over the other, however. For example, if you're doing macro photography, then having a macro lens on a "lesser" body will matter more than not having a macro lens on a "better" body.

So, here's the scenario: you currently own the E420 + 14-42 + 40-150, and you initially purchased that combo because you came from compacts, and it had tremendous "bang for the buck". Now you're looking for something more. What "more" means is entirely how you define it. How much money you have to spend is entirely up to you.

The question is: do you get a new body, new lenses, or both? Please put write "body", "lenses", or "both" in the subject line, and explain your choice in the message body.

If your answer is that you would switch systems, or add another system, the same applies: are you switching, or adding, because of the body, the lenses, or both?

I'm curious how many believe "it's all about the glass" vs how many believe the body and lenses are on equal footing, given, of course, that specific circumstances may certainly favor one over the other.