This game, like the other Playstation 1 games available on PSN, can be either played on your Playstation 3's hard drive or transfered to your PSP for on-the-go gaming. Which is excellent.
Final Fantasy VII has been touted as being the JRPG to break into the mainstream and introduce the genre to many, many new people. Before it, most JRPG's had been more of a niche market and after the release of VII the popularity of JRPG's skyrocketed. It brought with it more than just a 3D world and characters, it included many new innovations to the JRPG genre that could not have been done before it. From memorable musical score to mini-games that incorporate other genres into the main game, weapon/materia upgrading, to the story and remarkable characters and their fates.
It's not surprising that this is one of the best JRPG's to have ever been made.