More mechanically difficult than the latter version and not all are worth the effort to learn.
Recordings i have heard so far (Howard, Weber & someone else i have forgotten), don't do them justice, especially the Howard. I guess there are not many pianists that could do it or would want to.
Probably would not be a great seller.
Thal
Does Howard play anything of Liszt's with justice?
These studies are musically inferior compared to the Transcendentals though they are clearly the forerunner of what was to come.
I don't like the Transcendentals as they are musically inferior and based on simple variations. So if the general thoughts about the Transcendentals are such, then the perception of the 12 big studies is going to be much less favourable.
The 12 big studies are similar to Czerny studies: simple structure, form, lacks musical development, and piano-minded = not musically interesting.
The general thought is that the Transcendentals are the "most difficult" etudes ever written and so a carnaval of pianists attempt to tackle them and ignore the 12 big studies as being easier and not worthy of performance.
Topic: Douze Grandes Etudes, why so few recordings?