I've just been made aware of yet another patch for FF7PC.
This patch is targeted at Windows XP users, but should probably improve performance/graphics on almost any machine in the post-TNT graphics card era. So if your computer sucks, don't bother with this patch.
http://www.eyesonff.com/ff7/FFVIIXP.zip
I'll add the link to the FF7 section when I'm less lazy.