Do people in general consider Chrono Trigger's battle system to be antiquated?
I certainly don't
Then again turned based or action oriented has nothing to do with them being antiquated or modern.
Ys, Hylide or (Fa)Xanadu are action RPGS, from the 80's.
How the mechanics are implemented and a given flow to the combat is something that should be focused on though.
One of the biggest appeals of FFVII's combat system was the materia combinations, the flashy limit attacks, and the spectacle of the fancy animated summon attacks (well Fancy for 1997 at least)
Looking at the recent trend with FFXV, the video with the Ramuh summon, which is something probably expected of FF7 if was released in this era. To expect something massively powerful and majestic.
They can keep the spirit of FF7 by making the combat fast paced along the lines of FFX-2 so those who don't want to strategy and want to brain dead press buttons for instant gratification, then again that won't please anyone, no? Because strategy and tactics are something to be considered in games of this type. I definitely don't expect full on action either.
Final Fantasy is synonymous with the Role Playing Game genre in Japan alongside Dragon Quest, they are the two longest running RPG series in Japan.
So with that said, playing FF7, I expect to be an RPG at it's core and everything that entails. A genre shift is not necessary.
If I wanted a character action game, I wouldn't play FF, I'd play Ninja Gaiden or Bayonetta instead.
Sometimes it's good to respect a series for what it has on it's own merits and not change it into something it's not. Of course change isn't bad, but there are limits within reason for everything.