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Many people do not understand what historicism is - simply put: it is the period of Imperial madness not long after the Napoleonic Wars in early 19th century when artists and architects ran out of ideas and just copied decorative traditions from other cultures and eras, but 'bigger and kind of like better you know'.
The interiors of Palais Ferstel are actually worth a visit. They were elaborately decorated with vellum as wall-paper and wooden panels on the ceilings - quite bizarre. The architect Heinrich von Ferstel himself gave the order to hire a silversmith for the construction of the gates, since he thought they were too delicate for the coarse hands of ordinary locksmiths - check them out, they are exquisite!
Today Palais Ferstel is used by locals to book events or receptions - the setting is quite festive and unique. You can easily wander around to get an impression on the marble stairway and Venetian style architecture.
The other highlight is the famous Cafe Central that is located here, a real example of Austrian Coffee House tradition. Make sure you pay a visit!