I love old-school RPG's and this really delivers, yet you can see the old school mechanics.
FF1 was a fantastic RPG that is a bit easy by today's standards but was a lot of fun to play. By the time I reached Chaos my team was at lvl. 75. I decimated him in under 5 rounds if I remember correctly. I enjoy a game that I can spend hours and hours grinding and hunting for the best equipment, and feel like it really pays off when I bend the end boss over my lap and give him a spanking that reminds him of his drunken abusive father.
FF2 was on the other hand a step in the wrong direction. They got rid of the leveling system that used experience in exchange for a system that upped individual stats based of damaged taken and weapon and magic usage. I still really enjoyed the game just not as much as the first. I did like that anyone could equip any armor or weapon and any spells. That made for an interesting play.
Overall I would highly recommend this combo package. If you started playing games when Playstation came out and FFVII was your first FF experience then you will probably be really disappointed, however if you are like me and your first system was an Atari or older you will relive some fond memories.