I have about six LPs of this music including all of the big guitarists, like Pepe Romero, Alexandre Lagoya, John Williams and two by Narciso Yepes, and they are all great by just about any standards, but my favorite by far is Siegfried Behrend (1933-1990) on guitar with the Berlin Philharmonic Orchestra conducted by Reinhard Peters and recorded in 1960 (DG 139 166). The guitar playing is so passionate, yet relaxed, and the sound so colorful and alive. Just a wonderful performance and recording. Released a few years ago on a low cost import CD too, paired with Rodrigo's Concerto Serenade for Harp and Castelnuovo-Tedesco's Concerto for Guitar. As always it's highly subjective, and it isn't a "modern" recording, and some of those Deutsche Grammophon recordings could get a bit sterile sounding, but no better Concierto De Aranjuez that I've heard. Behrend also recorded a sterling Vivaldi D major guitar concerto (actually, a transcription of a lute concerto).
Rodrigo: Concierto De Aranjuez, Concerto Serenade
Release Date: 01/21/2002 Label: Eloquence Catalog: 457306
Composer: Joaquin Rodrigo, M. Castelnuovo-Tedesco
Performer: Nicanor Zabaleta, Siegfried Behrend
Conductor: Reinhard Peters
Orchestra/Ensemble: Berlin Philharmonic Orchestra
I've actually seen two different covers, but the CD I have looks like this ...
This recording of the Concierto De Aranjuez is also available on one of those cheap Guitar Weekend packages along with the Vivaldi I mentioned, and some other cool stuff by both Behrend and Yepes ... great buy!
http://www.iclassics.com/productDetail?contentId=64080