Reading through the last ten pages of this thread, it feels like some sort of age gate, heh.
I might have posted this in here before (can't remember), but I put FF7 in the same category as WoW and Halo/CoD4 -- more evolutionary/iterative on predecessors in the genre than revolutionary, and decent games, but fondly remembered as it was a first exposure to the genre for many people -- and I'd make the case it had less influence on the industry from a design/marketing/sales perspective than those three (of course, that's not the argument here).
Regarding it 'changing' production values or w/e,
here's a list of inflation-adjusted game development costs, for titles w/ costs >USD$50m. In the
ten years following FF7, there were five titles with budgets >USD$50m. Two of them were Final Fantasy titles, two of them were Shenmue titles, and the other one was WoW. The other ~30 titles were from Halo on. None of them were non-FF single-player RPGs. Also, I mean, Wiki, and not exchange adjusted, so there could be some others that break $50m.