That is a completely different piece indeed. A quick Google search reveals there are two Valses Melancholique (spelling ?), S.210 and S.214. I think this is the S.214. Very good performance by Erik Helling, maybe one of his best. He left the site not long after I joined (hopefully coincidence...) and we have not been able to find any trace of him since. It's as if he has disappeared from the earth or at least from cyberspace.
That solves the mystery! Thanks. I should have googled it.
It turns out the recording is a direct match of S.214, the 2nd of 3 Caprice-Valses http://imslp.org/wiki/File:TN-Liszt_Musikalische_Werke_2_Band_10_89.jpg
A caprice it is, free flowing in character at the beginning indeed. Though not the type of Capriccio Bach would be liable to write
Interesting is that he rehashed material from his 210, though the Valse is different in 210 the melody in the waltz comes in on the first beat, but here it is on the second beat, creating a kind of syncopated dance like sensation. I have heard of several classical composers who have reused material for earlier works. Off the top of my head, Schumann is one I can think of. I guess its inevitable if you play it all the time and it gets stuck in your head...
Shame about Helling. Maybe someday he will return to cyberspace (and contribute on the forum like a good lad