The work, as a sonata, is revolutionary; yet is was somewhat inspired by the Schumann C Major Fantasy, which in turn is a kind of “Beethoven Sonata #33” (not exactly "33 Variations"). It has an internally recursive form of a “sonata within a sonata”. Running thirty minutes, the first section corresponds roughly to an Exposition. After considerable reluctance, it migrates to a slow movement, “Andante Sostenuto” in ¾ time, often referring back to some descending motives in the exposition that never go away. There follows a fughetta based on the opening motives serving as a scherzo, and then “Recapitulation” comes back, and finally a coda based on slow movement material (in the most accepted version). The piece is said to be an example of “double-function” sonata form.
Update: Sept. 13
Along the lines of writing your own solution to the B-Minor Sonata dilemma, it strikes me that this is what Eugen D'Albert did with his first piano concerto. The first section is an exposition and development. The sweet second theme corresponds to the "grandioso" but D'Albert saves the heroics for later. I'm pretty sure that theme became a popular song in the 40s and got used by Hollywood (which loves to loot rarely performed works for themes). The "slow movement" even quotes Beethoven's Funeral March Sonata at one point, and the "finale" is a recapitulation of the opening material, even quoting Brahms's Piano Concerto #1 at one point. The "finale" ends quietly (as does the Liszt) but then D'Albert adds a gigantic coda with a fugue for solo piano on one of the opening themes, making it practically atonal; then a "scherzando" (Rachmaninoff Piano Concerto #2 sneak preview) leading to a gigantic conclusion on the second theme, which turns into a Liszt-style "grandioso", and then a mad-dash Prestissimo final crash. D'Albert could wait to show his virility until the end, which means he must have been some charismatic teen, composing this at age 19.