I know the whole downfall of Final Fantasy games has been discussed ad infinitum before, and there's a big consensus that FF games started sucking after the move to 3D, and I'll agree to a point. I wasn't a fan of FFVIII at all, and played, but didn't necessarily enjoy the ones after that. My favorite is still FFVII, because it was amazing, (screw you guys, world of ruin had just as much story, it was just a bit more sandbox and exploration than linear)
FFVII though, in my mind can only be described as Epic. I can't help but think you may have shot yourself in the foot a bit by reading the plot summaries before actually playing the game, for that you no longer have the pleasure of enjoying the unexpected plot twists. That aside, I think the game really excelled in being fun to play. The immersion and setting is outstanding, although not exceptional by todays graphical standards, despite the fact that you can clearly see the polygons characters are made up of, It all looks good. Much like in older games, where sprites where given loads of attention but still left your imagination room to play, the polygons and lower quality 3D modeling doesn't detract from the feel of the game, and in most cases, gives a very stylized art feel.
The game is epic, hands down, not only a benchmark and major milestone in gaming, but the game has a fantastic length, in which characters are built up, back-stories explained, and a wide web of storytelling devices are used. This was put out before games started being truncated, and shortened to appeal to novice gamer crowds, and shrinking attention spans in the casual market. And this isn't because the game is drawn out in any way, it's jam packed with story and content, not to mention a brilliant host of minigames thrown in to keep variety, most of which are astoundingly fun for their simplicity.
I mean, between the character interactions, the great battle system, the loads of items steadily increasing in power in a very well thought out curve, the story, the minigames.... all of it, was enjoyable to the last drop, I could ramble for days extolling the virtues of it all, but boiled down to brass tacks, the game contains a level of polish not seen in most games today.
I'd say it would be a shame not to play this game, especially based on a negative thought about the graphics or the story, heck, pirate and play the PC version if you must, but trust me, it's worth it to be a part of the list of games you've beaten.