The thing is it, kind of straddles the line between the point where writing beyond a freshman high school level fanfic started to be expected in games, something that Final Fantasy has struggled with.
At the same time, it's also where the series seemed to lose its grasp on basic narrative structure, a failing that would later assert itself extremely painfully with Tidus and Vaan. (Or everything about 13's narrative.)
Viewed on its own, it is perhaps forgivable, viewed in the evolution of the series and JRPGs in general, a reaction of "MONSTER, FLAY THE FLESH FROM HIS BONES! LET HIS FATE BE SO HORRIBLE THAT THE UNIVERSE ITSELF SHALL SHUDDER IN HORROR!" is sadly one very easily rationalized.
FF8 was the first Final Fantasy (and pretty much the first JRPG) I ever played. As such, it holds a certain nostalgic value for me, and there are times when I still catch myself thinking about playing it again, but once I start and am confronted with the prospect of grinding battles for spells (or grinding the world map for them), I quickly lose interest in it.
It's a game that, at least for me, has not aged well at all. Its flaws were forgiveable at the time I first played it, but having been exposed to other, better games in the meantime (even from the same series!), I find myself unwilling to play it again.
Now, I would actually pay good money for an english language version of FF9 (Which is a game that I didn't much like when it came out due to its vastly different aesthetic), since that's a game that has actually aged remarkably well over time IMHO. It's certainly one I am replaying every now and then, just because it's way more fun than 7 and 8.
What I would also pay money for is an HD version of FF12; Unlike NGTM1R, I found 12's narrative to be a remarkably coherent and relatable tale, especially when compared to the likes of FF8, or the whole mess that was FF10/FF10-2.