Here is a quote which highlights the problem, as I see it, for many performances of Liszt. Professor E. J. Dent from his book on Ferruccio Busoni:
"The greater works of Liszt, which minor pianists turn into mere displays of virtuosity because their technique is inadequate for anything beyond that, often sounded strangely easy and simple when played by Busoni. The glittering scales and arpeggios became what Liszt intended them to be - a dimly suggested background, while the themes in massive chords or singing melodies stood out clear."
Few pianists can manage that but when they do it transforms these works into something quite different than recital showpieces.