Rhapsody in Blue

http://www.youtube.com/watch?v=8QxWxsK8_3s

If this video is as advertised, it's fascinating to listen to.  It's got schmaltz dripping from it in ways that many would find truly cringe-worthy, especially given the way that people tend to hear this work played today.

Just how serious a work is this to be considered?  Almost a symphonic composition, almost a piano concerto, almost a jazz work.  But a fantastic part of the American canon nonetheless.