I don't think ff7 as a game is overrated, but the storyline is totally overated. Honestly if I had a nickel for everytime a fanboy tried to tell me that the story was flawless and I was just too dumb to understand it, I would be rich.

And while I'm not the biggest fan of the graphics (seriously, where are their mouths?), Quite frankly I don't care about them, and anyone who looks at graphics over fun-factor in a game isn't really a gamer.