FFI > FFVII
but then again...
FFVII > FFVIII
My favorite RPG, hands down, without a trace of doubt, is Privateer. But since it's technically an FPS/space shooter too, I'll discount it for a pure RPG game.
Lufia 2 or Phantasy Star.
Lufia 2 had a lot of standard, unimaginative RPG elements to it, but they were so well implemented that it hardly mattered. For SNES, it's graphics were very well done. The music fits the tone to the situation even better than FFVI [not saying FFVI is worse, Lufia had music more fitting to the situation at the time.] About the worst thing with Lufia 2 is the final bosses are the same as the firt ones.... A bad move, I think. At least FF's keep the final bosses new and fresh, sort of. [they can try, but they will NEVER copy Kefka.]
Phantasy Star, being my first TRUE RPG [discounting Privateer] and my first console RPG, I have a lot of sentimental value to it, and compared to other 8-bit RPG's, it beats them down with a tit. sword. [classic abbreviation in the game.... XD] After playing FFI, then playing Phantasy Star, you'll see which is the far superior in statistics. The battle system, for example. In FFI, it's boring, hit here, take damage, boring boring. Very slow. In Phantasy Star, it's BACK AND FORTH HACK SLASH THIS AFTER THAT HARD TO KEEP TRACK OF BATTLE SPEED.
And Phantasy Star has FAR better graphics than FFI.