This transcription/arrangement by Liszt of a lyrical vocal work reflects his ability to imbue simple melodies with deep harmonic color. It is defined by its delicate, flowing accompaniment and highly expressive melodic phrasing.
The challenge is achieving a seamless, vocal quality in the melody over the complex harmonic underpinnings.
Comparable difficulty and character — good candidates for what to learn next.
Blume und Duft (S.324) is rated Henle level 5 of 9 — late intermediate repertoire, roughly ABRSM grades 6–7. In the RCM system it corresponds to about level 7.
You should be comfortable at Henle level 5 — meaning you can already play level 4–5 pieces cleanly. Learning it one level early is possible as a stretch piece, but more than that usually leads to months of frustration.
A typical performance of Blume und Duft (S.324) lasts about 4 minutes.
Blume und Duft (S.324) is available as free public-domain sheet music on IMSLP — the score is linked directly from this page.
Pieces at a comparable difficulty and character include Ave Maria in G by Franz Liszt, Ave Maria IV, Solo piano by Franz Liszt, Albumblätter für Prinzessin Marie von Sayn-Wittgenstein by Franz Liszt — see the full similar-pieces list on this page.