I disagree with you guys.
I believe that the Spanish Rhapsody is one of Liszt masterpieces, standing among the best Hungarian Rhapsodies and opera transcriptions. Of course, it does not reach the musical level of, let's say, his piano sonata, but it is still one of my favourite in his output (which is very largie, as you know...).
It is rather long, granted, but the interest is never lost, as he develops with ingenuity the themes during the two sections of the piece. It is very grand, full of passion and fire, and works very well in concert.
It is a pity that many people don't value it much, though. The best recordings can think of are from Jorge Bolet (live recording in a CD that was issued last year), who adds Busoni's ending to the piece (more effective than Liszt', which was a bit short and lacking the epic proportions that the conclusion needed), and from Roberto Szidon (recording from the 70's with the 19 Hungarian Rhapsodies, from a Brazilian pianist that is unfortunately not well known).
Regarding its difficulty, obviously not anyone can play it properly, for it requires a really good technique. However, it's not the monster that people seem to think. It's far from being the most difficult Liszt work (compared for example to Don Giovani's transcription or some of the etudes). If you break it in small sections, it is actually quite manageable even for an amateur pianist (by amateur I don't mean someone who plays "Fur Elise" and "Clair de Lune", but a fairly good pianist that just does'nt have the stature of a great concert performer because it's not his career...). I have more fear of Chopin etudes in general than of the Rhapsody, so if you have a technique that allows you to play decently most Beethoven sonatas, I say go for it ! Just know that you'll need patience, method and passion to get through it. But it's really worth it.
Topic: Lizt - Rhapsodie Espagnole