I'm 7 chapters (14 hours) in, and digging it so far. I was hesitant to pay full price for 1/3 of a disc's worth of a 3 disc game, and while that trepidation hasn't fully vanished, it's mitigated a bit by the extent to which they truly have expanded this chapter of the game. Assuming they do have the entire Midgar arc in this game, and don't stop halfway through it, I think it'll be satisfactory as a complete product.
Gameplay is... fine. It's fundamentally the ATB system with extra steps, but that's fine. Didn't need to reinvent the wheel here. I was worried it may be too hack-and-slashy, but it's actually fairly in-depth, and would punish you for brainlessly charging in a bit. I'm playing on normal, and while I wouldn't say I've seriously struggled... I have yet to use a phoenix down, for instance, each of the boss fights has been fairly intense and pleasant.
Visuals are where the game shines, envisioning the metropolis of Midgar as two cities stacked atop each other more perfectly than any piece of FF7 media before it. I'm not an expert on graphical fidelity or the like, so that's all I can really say here. I'm sure someone more knowledgable than I can talk about resolution and frame rate and stuff. I do appreciate that they seem to have some kind of system in place that alters the lip flaps of the characters so they match no matter what language you select. It's neat how well the lips match the words in both english and japanese.
Story is final fantasy 7. There's not really anything wrong with it that wasn't already wrong with FF7. Some very, *very* anime scenes and character interactions, so if that's not your thing... well, I'm not sure why you would consider this game anyway. The game is paced fairly well, and while content is added liberally to expand most every aspect of every part of the game you'll remember from childhood (again, adapting 1/3 of 1 disc into a full product) it's mostly done in an organic way.
One thing that everyone has pointed out is how much more Avalanche's grunts have been fleshed out... which is true I guess... provided you refer to Jessie and only Jessie. At this point in the story, she could be argued to be more of a main girl than either Tifa or Aeris, and while I'm definitely happy she's getting a moment to shine, I kinda hope Biggs and Wedge get to be a bit more than the mario and the fat guy... The cute girl wasn't the only avalanche grunt, square! XD
Having fun with it so far... I get nervous with how short some of these chapters are, since I know the story is going to come to an abrupt halt and I really want to make it to the point where my boy Rufus shows up. Guess I'll reserve final judgement for when I've finished the entire thing.