In my opinion Final Fantasy VIII is the most underappreciated game in the series.
VIII of course is the game after VII. VII was an incredible hit and really brought a new sense of creativity and capabilities to the series. With such great innovation and and even more solid and dramatic storyline it set expectations for Squaresoft's next installment high.
The expectations for VIII were unbelieveable, and I felt that Sqaure met them in every possible way and it takes only a bit of thickheadedness and ignorance to fail to realize this.
VIII featured one of the most epic storylines. It's a realistic sci fi storyline that doesn't feature any world threatening magic spell, no device capable of any mass destruction, but simply a defunct line of Sorceress geneology and an unusual ability to experience the past when linked to a special individual.
The concept of time compression I do not want to say is realistic, but it provokes very intersting metaphysical thought of the possibility that time has more than one continuous flow. Almost as if to say our current human experience may not be all that is going on in the totality of the cosmological world. It's brilliant! We can be in the present, our relatives could still really be existing in the past, and our children could be existing in the future. Only we don't have the possibility to understand or experience such a thing as three distinct flows of time. Final Fantasy VIII however does give us a way to comprehend this.
The characters are among the very best in the series. There's no supernatrual hero who shoulders the load easily, there's to jaw dropping female with fantastically excenuated features. There's just real people put into an extraordinary circumstance. The way they respond to it is a pleasure to watch.
I don't feel I need to say anything about the gameplay, but the Junction system was the most intellectually free way in any Final Fantasy game to develop a character, and the GFs played an integral role in that. Rather than just being some summon magic to call in battle, they really meant something to the characters. I thought the signifigance of their role in both character development and having a role in the characters in the story was an excellent move by square.
All this is supported by the best soundtrack to grace the series.
In my opinino this game is the most underappreciated in the series, and had it now stood in the shadow of the giant we know as Final Fantasy VII, we'd be seeing sequels and movies to make this game just part of a very pleasant experience for fans.