i wouldn't say it's bad, but i never thought it to be anything special. the whole deal with Shinra was kind of interesting, and the idea of being part of a "terrorist" mob thing was neat to, but thats about all I can say as I never made it past the second disc...
i just... couldn't... stand it... 
Writing as someone who formerly hated
Final Fantasy VII, I actually find the game's story rather fascinating; not in the sense that it's masterfully told, but in its simplistic profundity; as paradoxical as that may sound.
When I last played-through the game, back in November, a few years after having first completed it (with a great deal of resistance and effort), I came to observe more about how the aesthetic informs the underlying theme of the story. The theme I write of being
postcolonial industrialism's repression of our inherent humanity.
Both
Wutai and
Cosmo Canyon are representative of Eastern and Western pre-colonial civilisations, respectively. The former society engaged in a full-on war with the
Shinra, whereas the latter produced
Avalanche who, in contrast, committed several covert and systematic attacks on the aforementioned conglomerate in attempt to bring the Mako-refinement industry to its knees.
What are Shinra's aims? Cid Highwind tells the group that its Space Program was scrapped because the newly-discovered Mako reserves appeared to be more profitable. Also remember that before this discovery Shinra had invested the majority of its labour in the coal-mining industry, of which Corel was a major centre.
The societies of Wutai and Cosmo Canyon live in humble harmony with the planet, with not a care in the world; whereas the Shinra, a fusion of both Eastern and Western post-industrial societies, seeks to bleed the planet without considering the potential consequences of its actions. And for what? Profit that will only buy them short-term gratification.
It's a simple, profound and pertinent commentary
on the conflict between what we want (and strive to acquire, regardless of the consequences) and what we truly need.
The Dark Knight's a good example of a similarly well-paced story crafted around a central over-arching theme (or synthesis of themes).
I could write more on the depths of the game's subtext, but I'm spent for now. Point:
there's often more than meets the eye.