All points mentioned granted. However, what about all the elements of it that were not so good?
I personally do not think Sephiroth was that great a bad guy. Hojo was the real enemy. Why did Sephiroth want the black materia anyway? Why did he want to summon Meteor? If he summons Meteor, the planet dies, and what's he got? Nothing! There's nothing he has to gain from that, and yes, he is insane, but not that insane.

It was good, but I do not think it deserves anything more than the game that turned Final Fantasy into Anime.