Of course this song is nonsense, but from a production standpoint, it's one of the most innovative and creative studio creations in rock and roll history. Strawberry Fields Forever is an equally impressive achievement, but also has more pop elements to make it go down smoother. Walrus is just some fucked up shit.
The build-up to the end of the song is epic, and swells to this really ominous sounding conclusion. There's SO much going on there. Lennon even samples a BBC production of King Lear (if you listen closely you'll head a man say "Oh untimely death!"), which I believe is the first example of someone sampling vocals in a recording, and also is ironic considering Lennon's demise.
