I don't think the game is overrated. Honestly? It's all about psychology.
People don't like new FF games that much. Oh sure, they'll say otherwise, and sure, the games will sell really well...but all people really want isn't "another FFVII". People just want to recreate the same feeling of euphoria, discovery and entertainment they had when they first PLAYED FFVII.
Now, for me? I missed the hype. I played FFVI before any of the others (and barely at all), and my first Final Fantasy game was FFVIII. Now, I loved the hell out of FFVIII. It gets shit on now, for good reason, but I liked it all the same. I've played it about half a dozen times, though I only beat it once, maybe twice. But I ramble.
FFVII is in the same bucket as the original Mario or your very first orgasm or the first time you had sex or maybe just that one time, when you were a kid, and you honestly stayed up all night, waiting for Santa, only to drift off asleep at the midnight hour. It's nostalgia. Almost a swear word in today's gaming scene. It's all nostalgia.
FFVII is just part of a person's mind. It's an avatar or representation of what was, in their mind, a happier day and age. People obsess over it, people argue over it--the arguements are never ABOUT FFVII. Not really. It just happens to be the one thing that so many gamers remember--the ONE GAME that really got to people. It happened at the right time, in the right place, for the right crowd. Sort of like Star Wars.
So when people buy a new Final Fantasy game, all they are really doing is trying to buy memories. Nostalgia. They are trying to recreate whatever precious moments in their life that they associate with FFVII. And for it's benefit, it IS a great RPG. Dated, sure. But the storyline, the writing, and for the most part, even the graphics are pretty damn good. It has a big ensemble cast that manages to play well off each other (except Yuffie), and it has an engaging plot that, while slow in places, dazzles and shines in unexpected ways.
It has great boss fights and amazing music, for it's time. It's a GOOD GAME. But that's all it is. Just a good game. No matter how much anyone tries, no matter how many games they play, they will never have what they had with Final Fantasy VII again. Hell, with time and memory being what they are, maybe they never even had those moments to begin with.
What people need to do now is give it up. Let go of your nostalgia, let go of your past. Get over Final Fantasy VII. Get over it! There are so many more games out there to play. Instead of whining about FFIX's ersatz cast, focus more on its soundtrack, which is superior to VII's in every god-damned way (more variety, better sound quality, more experimental tracks, and far, far, far more memorable songs. Black Mage Village is a great example). Or focus on it's amazing graphics. For a PSX game, it looks hell of a lot better than a lot of early PS2 games.
There's a whole world of games out there, and as the future comes and goes, gaming will only get better. Instead of clinging to the past like an old security blanket, why not take time to enjoy the present? Why not take time to relish the future?
Get over FFVII.
And just stop...talking about it. It's a conversation that we've all already had, many, many times.