When it comes down to it, all the Final Fantasy games are magnificent. They only "suck" when you begin to compare them to each other. For example, I really enjoyed FFVIII, but compared to what some of the other Final Fantasy titles achieve, I find that FFVIII is sorely lacking in the character development department, and the plot seems to decline half-way through the second disc.
Personally, I'm one of the few that regard FFIX as the best numbered Final Fantasy (nothing beats Final Fantasy Tactics's plot), but as I said, when I step back and look at the all the Final Fantasy titles compared to many other big RPGs that I've played, they stand out. This includes even FFI, though I will admit I never finished it.
Arguing about which is the best, however, isn't the point of this thread, so I won't continue that train of though. I think I already made my first point.
Is FFVII as good as people say? It depends who you're talking to, I suppose. There are a lot of people who idolize it as the standard that all RPGs should strive for. I thought it was good, but I had a few beefs with it. Sephiroth just doesn't do it for me as the antagonist. Sure, he's a total badass and everything, but I found his motive to be rather lame. Then again, I'm the kind of guy who thinks Kuja is the best Final Fantasy antagonist ever, so I don't suppose many would value my opinion on villains much.
The graphics aren't the best, but if graphics make or break a game for you, that's kind of sad. The music was decent. I like the orchestrated and piano versions better, but I'm like that with just about any video game OST. I'm a fan of minor characters and I found that FFVII had some likable ones. Reno, Rude, and Zack are just awesome. There are some really annoying ones like Cait Sith and Yuffie, though, but neither of them are as bad as Rinoa or Selphie. I'm not going to elaborate on that, though. It'd take up way too much space and attacking other games isn't really the point of this thread.
I enjoyed the plot. It gets a little slow at times, but overall it'll keep you entertained for a while. Like all Final Fantasy games, it's a good game. When it comes down to it, when a game has as big a fanbase as FFVII does it usually means that it's a pretty good game. It may not live up to the hype for you (it certainly didn't for me), but it'll keep you entertained for a while. It's worth a play-through or two. I recommend it as well as every Final Fantasy titles.
However, I will say that you should check out Final Fantasy Tactics and Final Fantasy IV. Tactics has an amazing plot, though it can get very confusing if you stop paying attention for even a moment. FFIV is just awesome, I can't exactly explain why. I just really like it. You already played FFIX, so I don't need to tell you to try that one.