This piece is the most famous of Liszt's three 'Liebesträume', originally set as a poem. It is a masterpiece of Romantic melody, featuring an expansive, soaring tune that is developed through increasingly virtuosic piano textures.
The main challenge is balancing the singing melody against wide, arpeggiated accompaniment figures while maintaining a consistent emotional arc.
Comparable difficulty and character — good candidates for what to learn next.
Liebestraum No. 3 in A-flat major (S. 541) is rated Henle level 6 of 9 — advanced repertoire, roughly ABRSM grades 7–8. In the RCM system it corresponds to about level 9.
You should be comfortable at Henle level 6 — meaning you can already play level 5–6 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 Liebestraum No. 3 in A-flat major (S. 541) lasts about 5 minutes.
Liebestraum No. 3 in A-flat major (S. 541) 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 Un sospiro by Franz Liszt, Albumblatt in Walzerform by Franz Liszt, Albumblatt in E major by Franz Liszt — see the full similar-pieces list on this page.