Personally, I do consider FFXII something of a masterpiece.

I'd like it more, and probably replay it more, though, if there were more character moments and interactions. I think of FFVII as the high point of character development in the FF series - all the playable characters get a lot of screen time, complex interactions, and strong arcs. Seeing that kind of development in FFXII's cast would've been fantastic.

The way XII plays out, though, it's a bit more like an historical epic or saga, where the world-changing events are more important than the thoughts and feelings of the people witnessing them. That's all well and good - a different approach, a different atmosphere, a change from what came before it. I just think it was a bit of a waste to have fantastic characters like Fran, Balthier, Basch, Cid and the Judge Magisters without delving a little deeper into them.