The music was something that really provoked my love for the game, and though many would disagree with me, I think that Sephiroth was the ultimate villain.
Ah, Sephiroth. The villain you could relate to, understand and even feel sympathy for. Not to mention fear, of course. That's one of the many reasons I like this game. When a game can make you feel sympathy for all of the characters in it ('cept for freakin' Yuffie...) you now it's a good game.
I'd like to say that I disagree with your assessment of FFVIII, I really can't. I've been replaying it again, and I guess it never occurred to me just how shallow the characters are. There is really no connection whatsoever that I feel towards any of the characters. And the sudden personality change in the main character - from emo whiny bitch-boy to emo, whiny, suddenly passionate bitch-boy in love - just made no sense. The battles got really easy about halfway through the game with the ability to draw as much magic as you needed from an enemy that could literally just sit there for five minutes doing nothing at all.
The graphics were pretty nice, though. I just wish I could find more games like these.