This is probably an effect of recording, but I find that there are very few shades.
Technically, it is well. but the bass is too heavy.
It also lacks nuances in sentences.
that is just my opinion.
If by "shades" you mean tone color. I personally do not enjoy awkward and distracting changes in color in performance. It's my esthetic. As for it being "bass heavy". Certainly the bass is pronounced, dare I say balanced? In the C section of the piece the bass certainly becomes more pronounced and dynamically is louder then the fingers, but that is due to the fact that the melody is in the bass in the C section (the E minor section). Certainly on the several systems that I've played this recording on, I am able to hear a clear balance between the fingers and the thumb, and hearing the melody sing out over the bass
As for nuances in sentences (phrases), certainly I play it fairly "straight ahead" rhythmically. Other then a slight rit. at the end of the pice as a whole, I don't see the need for excessive rubato. I personally see more changes between each section rather then within the phrases. In each section (A, B and C) the melody is placed slightly different in the guitar's register, with the most noticeable one being going into the C section where the melody is located in the bass. Therefore, the dynamics of the large sections change the most.
Proper balance dynamically and understanding the structure of the piece is primarily what I speak with students about with this piece. Thus the purpose of the recording. Of course you can speak about dynamically shaping of the line, but how much shape can you give B going to C back down to B in the A section. Certainlly there's more of a shape in the B section, and the C section due to the melody rhythmically slow down allows for one to bring out the different musical contours.
Anyway, thanks for watching. I'm not trying to change your opinion (to which you are entitled), but I figured I'd explain musically what's happening in the performance.