One of the greatest video game narratives of all time.
Technology didn't play such a big part in this game, which I'll get to later.
First, the positive. The narrative, first and foremost. IMO, this game has the second greatest story in video game history (second to Xenogears). The characters, the story, the world all combine into a universe that comes out as beautiful and inspiring to future storytellers. There is not enough I could say about this game's story to emphasize how incredible it is. If you have played it (and actually liked it XD) you know what I'm talking about. If you haven't played it, I can not describe it and you should play it immediately.
I disagree with Gamespot's individual scoring of the sound (they gave it an 8), the soundtrack is truly moving, and hearing Aeris's theme when my girlriend played Kingdom Hearts II actually mad me depressed. This is one of the few games I wouldn't mind having the soundtrack to.
The gameplay is a minor flaw. The turn-based combat system was the norm when this game first released, and was definitely one of the better incarnations of this system. However, after playing RPGs like Kingdom Hearts and Star Ocean III, the turn based system is hard to return to. However, to this day it is not necessarily a bad thing, it functions very fluidly and makes combat a lot simpler than some games that absolutely screw this concept up. It's basically nothing to rave about and not really good, but it by no means gets in the way of the final game. Not to mention RPGs aren't played for their delicious combat systems or anything.
The graphics, I believe are the game's major flaw, and the only real thing keeping this game from getting a 10 by me. The graphics have never been a major issue with me in any game, however I see no reason for this game's graphics. And no, no one can tell me "LULZ IT WAS 1997 CUT IT SOME SLACK." Give me a break. Look at Final Fantasy VIII and IX, look at Metal Gear Solid 1, then look at Final Fantasy VII. Why not take full advantage of the system's capabilities? The leap from FFVII to FFVIII is in terms of miles, and it shouldn't have been.
However, graphics aside, the combat is satisfactory, and everything is outstanding moreso than almost any game in history. Play FFVII if you like RPGs and don't mind a bit of angst from your main character. Truly one of the best games of all time.