Richter is the most overrated pianist of the 20thc. Here's why...
I find him usually brutal and insensitive. His tone is ugly most of the time, and his attack is offensive. Many times I wonder if he even understands the music that he plays. He has little sensitivity to changes in harmony, no color, and limited variety of touch. His pedaling is unimaginative. He has a certain intensity at all times, a kind of drive, that is for sure. I think that is why people love him. Sometimes it suits the music he plays (Prokofiev, etc.) but that is only by accident, not by choice. I think that his energy and intensity distract his fans from making actual qualitative judgements about his playing, but it is generally not good music making. Take his celebrated recording of Feux Follets, the "greatest version of all time!" - is that not the angriest Feux Follets you ever heard? Where is the charm? the magic? the grace and deftness? It's just pure brute mechanical force, and I am not seduced by it. Well, that's just one recording that irks me - I won't go into any other ones...
People like to compare him to Gilels, an absolutely consumate musician, technician, and musical mind - and that is an insult to Emil.
I completely agree with your comment about comparison with Gilels is a nonsense. They are just way too different. Gilels cannot be judged by Richter standards and vise versa. Besides, on a personal level Gilels was suffering whole his life being compared to Richter--it was his life biggest tragedy and is actually very sad.
But... the fact that these both major pianists of the last century were compared in their native Russia, where the audience is quite educated and critical and absolutely loved both of them, makes one think that it might actually was something that people thought about Richter as number one.
There was time when I did not like Richter. Yes, I listened to all his recordings, and thought how overrated he is. His brutality very often shocked me. I did not understand his lack of sensitivity to color, and harmony changes. I did not understand his apparent lack of human warmth. I did not understand his "generic" approach to phrasing, dynamics, I did not understand his music making and thought that he actually was not that "musical".
It was until one day when I went to his recital and heard him life for the first time. That was probably one of my strongest musical experiences ever. He played with piano lid half open and never went over mf dynamic range (and he played both books of Brahms-Paganini as an encore). After the first chord of Schubert G-Major Sonata whole my body just sank into the chair and all my muscles contracted. I stayed in this position until the end of the recital and was afraid to look around. After the concert I did not want to see anybody, I did not want to talk, I did not want to hear anything. I don't remember how I got back home, but I remember taking a subway (in Moscow metro) train and in a while finding myself going the opposite direction.
Next few weeks I was playing only Richter's recordings, listening and re-listening them and every time finding new colors, dynamics, nuances, harmonies, etc., which previously escaped my attention.
It is very a famous Neihaus' saying that Richter sees music from an altitude of flying bird, embrasing the whole, and yet delivering every little detail.
It was the time when I grew to understand Richter and grew to understand what a MUSICIAN he is.
Since then I heard Richter a number of times live, and every time I was under the same hypnotic power.
One of my favorite his recordings is Schubert 2nd movement from B flat Major Sonata (live from Prague). I was trying to analize it many times. It is actually quite ridiculous--he does not have any dynamics, colors, or timing changes and yet, it is absolutely gorgeous. It seems that this person thought about music with different categories.
I also heard Gilels live quite a few times. Every time was quite an experience. He was touching me to the bottom of the heart. He was HUMAN and in every note he played (doesn't matter right or wrong) you had a feeling that he understands about life everything. Needless to say I adore him and in many ways prefer listening to him rather than to Richter.
The only difference is that I always felt that Gilels was a HUMAN, and Richter was a MAN FROM A DIFFERENT PLANET. That's why I never compare them.