To add my 2 cents to the discussion of this etude:
Have played it for two years, gets easier every year!

I have found the key to making this etude work...If this works for anyone else let me know because it made all the difference for me.
the fingering for the arpeggios are :1245-1245 isn't that correct? The difficulty lies in achieving a smooth transition between the fifth finger and thumb hence I practice just the transition, 5124-5124 in groups of four, rapidly and evenly. The hand should learn how to shift over from playing the fifth finger to suddenly playing the thumb. Also, in order to assure that every note speaks with the same level of sound (perfectly even) I try to play each finger on the same place of the pad with the same angle...all fingers aligned parallel with keys. In order to do this, one must move the arm and wrist to accomodate, thus preventing any uneccesary stretching and overextending (no one's hand is big enough to reach a tenth so why even try?)
Ok, in general though, I like playing this etude lightly...as my teacher beautifully described, the bass line is what matters, the arpeggios should sound like overtones resulting from the powerful bass. Also remember: the heavier the fingers try to play, the slower...the lighter, the faster. Also, NOt all arpeggios should be played at a uniform speed, rather, one can create the illusion of speed by making waves, using an imperceptible amount of rubato to speed up towards the top of the arpeggio, giving the impression of sheer brilliance and speed.
does this make any sense?