It is definitely a sum of the parts kind of thing. The frame is the base that the parts lay on. Fit is very important. A great frame that doesn't fit is a bad frame. Material is important for ride quality. Back a few years I liked steel frames as opposed to aluminum because I felt they were less punishing on a longer ride. Other guys like the power transfer they felt with aluminum. Titanium has a lot of great qualities but it's expensive. Many would argue it's a great investment and probably so. Carbon fiber early on had delamination concerns and it was expensive but in recent years has become more affordable and generally reliable. Mixes of materials can work pretty well and deliver nice ride qualities.

My advice is to work with somebody that knows bikes and you trust, a good LBS or an experienced cyclist that knows what you want out of a bike. Get a decent quality frame that fits and has the geometry for your kind of riding. If you need to compromise because of budget skimp on components that can be replaced and upgraded as you wear them out or can afford to replace them. Off the rack bikes are like off the rack clothes. Some people can fit them perfectly and other folks need a degree of tailoring. Having someone look with a critical eye at your fit and understanding your "style" is valuable when you're starting.

Some questions for you.

Are you in Oz or Austin, TX?

What do you want to do with your bike? Race crits or ride long distance? Style around town or tour carrying your necessaries? Triathalons maybe or group rides?

How much do you want to spend to get a really nice bike for your use?