Hm...well, that's fairly simple to ask, at least the first part is.
Looking at Final Fantasy as a stand-alone game would give one the best judgment you can give. Say, if you've never played a Final Fantasy title, and you just picked it up 'cause you heard it was good and decided to try it. That was how I actually picked it up. Before I played Final Fantasy VII, I had never played any of the other titles previously. To summarize it, I liked it; the storyline was a little...weird in some ways, but it boiled down to "There's some evil guy doing evil things. He used to be your partner in an organization that did good things with questionable nature. He's gone rogue, and is now so far over the line that he needs to be killed." It's a simple good-versus-evil battle that takes a few other elements, like madness, self-doubt, and paranoia and puts them forth through Cloud's backstory and dreams.
The characters are rather easy to identify archetypes, and thus aren't exactly the most...imaginative of the lot, but they fit the bill. The only ones who were actually good were Nanaki/Red XIII, Cid, and Cloud (my post-Aeris team). It wasn't a groundbreaking game except perhaps in the simply astoundingly well-drawn backgrounds and settings. The character models were, lets face it, garbage, and the story was pretty boilerplate.
I think what everyone seemed to love is that it was as good as the series and genre (at the time) could ever get. It was Final Fantasy's peak, their high-bar for the series. Some people don't really understand what's so amazing about it and frankly, neither do I. Would I buy it if it was remade on the PS3? You bet I would. But otherwise, it's best left to nostalgia.
Sadly, I think Final Fantasy VII would have made a better movie - or better yet, TV miniseries - than a game (barring Advent Children, which was...while cool, half-assed at best). It isn't my favorite JRPG, but it's definitely in my top-five, and everyone is entitled to hate big-name titles if it doesn't suit their particular tastes. I hate Half Life, for instance, and everyone I tell that to thinks I'm crazy...but there it is.