I didn't buy the identity crisis bit at all. The amnesia thing was just ripped from countless other fictional works (including the previous, and best, Final Fantasy). In fact, most of the "good plot" of FF7 is just the great stuff from FF6 re-tooled for the moderny anime setting.
Amnesiac main character.
A placeholder villain group bent on world domination, who are ousted in the end by the true villain who wants to destroy (rather than rule) the world.
Uber-powerful "defender" monsters born of the earth.
A peripheral main character dying at the hands of the true villain, teaching us all about love.
Noble non-human character who joins the party.
Granted FF7 isn't that bad but it certainly isn't good, IMO. Everything supposedly good in 7, was done much MUCH better in 6. Except, obviously, graphics. What turned me to actively loathing and bashing the game, aside from gradually getting more and more pissed at how 6 was ignored in favor of 7, is all the Sephiroth love people seem to have. It's comparable to the Twilight nonsense that's going around now. I'm frankly sick and tired of this one-note, whiny, bishou mama's boy somehow getting credit as a good villain when the best villain ever seen in RPG history (Kefka) gets completely passed over because his game happened not to have FMVs.