They fixed this bug in the GBA version. Attributes are capped at 128. I have Sabin with 128 Strength and his total strength is over 140 with equipment and he deals massive damage whenever he attacks now. :)
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I ended up buying the DS and the VI advanced - is there a clean list of other such differences out there?
I also usually match up magicite with which ever party member I think represents that magicite the most. So odin is all Cyan, as he gets my loves.
PS Gau is my new favorite character. SEX!