Perception of Castillan/"Spain" Spanish by Latin Americans?

[satchrocks]

I've often wondered how "Spain" Spanish (as I like to call it) is perceived by Latin Americans. It seems that, similar to "English" English and "American" English, a different accent has developed in addition to different phrases (the oft-cited dropping of "vosotros" being a noticable difference between the European and Latin American languages, although there are definitely other things that are probably more noticable).

Since these languages have developed allopatrically (in separate geographic areas), what is the Latin American perception of European Spanish?

Por ejemplo:
In the United States, an "English" accent is oftentimes associated with being proper (or, in some cases, even intelligent).