Get the PSP, you will be blown away by the visuals all over again.

It's much simpler than games these days in that the player isn't spending a lot of time doing menial things or accomplishing very little.
Honestly, most of the time when I pick up a RPG made nowadays after playing a little bit my first thought is "I should go look up how this game works in a guide". Stuff like item synthesis/customization/creation is such a terrible game mechanic IMO and all modern RPGs seem to utilize it to pad game length.

I went in dreading it, thinking I'd start finding flaws and hating my time playing.
Same Re-playing FF7 always make me fall in love all over again. Contrast FF9 which I haven't played in forever and am just replaying all I am doing is finding flaws. (I still love it, just not as much)

More positives, though: I never feel like the story is being stalled like I do at times playing through FFVIII or IX (good games in their own right, don't get me wrong), or feel like I've been spending too much time in a small number of large locations.
Thats funny, because just yesterday I was thinking about pacing problems in FF9 as I was playing though. A lot of times games leave me thinking "man, I just want to go out and kill stuff" or "I've been slogging through forever, when is something interesting going to happen". That never happened in FF7.

or maybe it just has to do with the developers hitting an imaginative goldmine with the Midgar setting. Frankly, when I think FFVII, I think Midgar.
I can't think of too many games, or even media in general that have such an iconic location in them.

It's too bad the fanbase over-represented it as something no game could ever be and Square Enix went ahead and pandered the FFVII name into absolute oblivion. So it goes.
A prime example of be careful what you wish for. FF7 Compilation is the reason I don't want HD remakes of any FF titles. (Especially SNES ones).

People always talk about FF7 being one of those titles which has aged poorly, but I find it to be the exact oposite. Quite frankly I find the story and world to be much more exciting than any game produced nowadays. Complicated enough to be engaging, but not overly cryptic and convoluted. The chibi sprites are showing their age a litte but the pre-renders still look fantastic. Playing FF7 again has just made my mind blow with the possibilities of how jaw dropping a modern title would be with HD pre-rendered backgrounds.