Well, in general, the localization is something people remember FFVII for. As flawed as it was, people have to keep in mind that these were low fidelity, highly stylized characters who communicated to us through text bubbles. Sort of like how stage acting isn't conducive toward subtlety, FFVII's characterization (the dialogue, how the characters moved around, etc.) being exaggerated, goofy, and often plainly ridiculous helped make the game memorable.
The thing is, even putting aside that there were problematic aspects that should be changed, it would be impossible to do a 1:1 translation of the original at this point. All the characters are going to seem very familiar, but will also be fundamentally different, and that's both inevitable and appropriate. So, to some extent, the question of how much of the original characterization to preserve almost doesn't matter. It's largely going to come down to what works well with modern technology, and there's a big difference between throwing around !$&@s and actual repeated cursing.
