Firstly, I want to emphasise that I am not writing this merely to be a self-conscious iconoclast or "dis" a favoured recording. I am well aware of the fame accorded this recording but I want to sound a note of caution to all those who who will naturally (given the hype and the five-star reviews in place here) see this as an almost automatic choice.
I once owned this recording but sold it, knowing that I would never listen to it again. In general, I am a huge admirer of all of these artists and own many of their recordings. The recorded sound is wonderful for it's age and the orchestral and vocal balance very good so what on Earth is the problem? This is a "faux-naif" series of settings of poems from a popular anthology for children. Mahler uses all of his sophistication to bring out the macabre wonder and horror of these poems, but it needs a really light touch to bring them off in performance. It needs the "art that conceals art" if it is to work as a cycle at all. The two singers must sing with directness and simplicity, since any hint of irony or self-consciousness is death to songs like these. However, in this recording Schwarzkopf sings with a ghastly, overbearing "archness" and makes the most unbelievable meal of almost every song. A song like "Das Irdische Leben" is heart breaking if the singer makes you believe it. Here, what we get is an excruciating self-consciousness that kills the song stone dead. Dietrich Fischer-Dieskau (an artist whose "Lieder eines Fahrenden Gesellen" in the same EMI classics series is an undisputed masterpiece) crushes these songs with a severity that is baffling and gives the most unpleasant, barking series of performances that I have ever heard. "Revelge" should be haunting and tragic; it doesn't need to make your ears bleed. Fully expecting to love this recording, I found myself wincing under the onslaught.
Having found this one of the most unpleasant listening experiences of my life, I then got to know these songs through the touching version conducted by Haitink and sung by Jessye Norman and John Shirley-Quirk. I never thought that I would be able to compare JSQ with DFD and declare the former the more accomplished and sensitive artist, but that is certainly the case here and Jessye Norman is wonderfully unaffected. I've certainly never heard a lovelier version of "Wo Die Schonen Trompeten Blasen". This (it seems) unregarded version is still available in a bargain compilation and well worth hearing.
Mahler: Orchestral Songs - including The Song of the Earth /Royal Concertgebouw Orchestra · Haitink. I have also heard excerpts from a fine modern version by Abbado with Von Otter and Quasthoff
Mahler: Des Knaben Wunderhorn. (Thomas Hampson doesn't do it for me. Although his artistry is undeniable, I find the voice quality "grey" and unappealing).
Of course you may totally disagree with my judgement but I would recommend that you try to hear this recording before you buy it. One of the most surprising disappointments of my record-buying life.