No need for two threads, so I locked mine. Here are my latest thoughts on the game.
Played a lot more of the game, but I'll be brief:
+Combat is a lot of fun and fast. I never once felt bothered by the random battles in the game.
+Some graphics later in the game are

. Framerate is very stable, not one instance of slowdown during my 10 hours of playtime. And I think it runs at 60 fps to boot! FMV's are entertaining to watch (drama lulz).
+The FFVII track remixes are fantastic.
-The story is pretty shitty.

It feels very similar to Advent Children, if you didn't like the "narrative" in that you won't like the story in this game. Did Nomura write the script for this one?
-The DMW system basically makes the boss battles a game of luck and chance. I had to repeat a boss fight 2 times because I kept getting shitty hits on the slots. This might be because of Hard Mode, though.
-The battle system feels a little too simple at times (the materia system is the only thing I liked). There isn't any real strategy involved, this feels more like a Kingdom Hearts game than a FF one so don't go in expecting your next SRPG.
So far this game falls in the B-ish range. I am enjoying it more than FFVII. I must say though it plays really well as a handheld game. Battles don't require too much concentration. Missions are brief but plentiful. Accessing shops by pressing triangle is awesome and very convenient.
I think I'll finish the game by the end of the week. I'll write my full "review" then.