As someone else still doing the ole upgrade shuffle, I'd say:
Pack, Bag, Binos
Depends a little on other factors (how much does your pack weigh, how does it do at heavy weights, what is your target budget for upgrades this year). With packs, there are other well regarded brands that are surprisingly affordable (Mystery Ranch, Seek Outside). It amazes me how cheap the MR packs specifically run on sale compared to how well they are viewed. If you get a MR pack for $300, maybe that leaves room to upgrade to a quality, 2.5# sleeping bag or 1.5# quilt as well, rather than shelling $600+ for a pack setup alone.