W-Item trick still worked on my PC version. Yeah, PC version has a slightly better script since some typos and errors have been fixed. Other than that, the 3D-animated characters look better in the PC, but the backgrounds look better on PSX, and due to pixelation caused by zooming 320*240 FMVs to 640*480 screen, PC's FMVs look horrible whereas they look a lot better on the PSX. To get best of both worlds in terms of graphics, I play FFVII PSX with ePSXe. You'll get the 3D-animated characters, PSX quality backgrounds, normal FMV quality and 1024*768 resolution or better, with hardly any quality loss. Not bad.

PSX version also has better music quality, the songs sound just like in the soundtrack. In PC, it's low-quality midi. The Yamaha synthesizer that comes with the game enhances the music a bit, but it still isn't PSX quality. And you won't get the choir for One-Winged Angel. Actually, to those who have an SB Live sound card (like me), there are Soundfonts that let you use some of the midi instruments and sounds used in PSX (including the choir in OWA), but the Soundfonts still aren't up to the musical quality of the PSX version.