Well, graphics were great yeah (though I'm not a fan of some of the redesigns... Barret's uglier than ever, and Cloud is definitely far too thin for such a powerful warrior weilding a giant sword to boot!), but I thought the battles were not as good as they could have been. Best choregraphy goes to Tifa's fight IMHO, but the music was so underwhelming then that it kinda ruined the impact for me...
Other fights are just too much, too fast, too messy. I admit I felt thrilled when Sephiroth appeared (fangirl!), but it was only for a few seconds.
Things I have a hard time swallowing include characters resurrecting everywhere for no reason (I mean come on! Sephiroth, Rufus AND Tseng!?) and Cloud's depressive & aloof behavior (he was supposed to have gotten his act together by the end of FFVII... AC has him actually regressing)... plus, he does have a weird oedipus complex on Aerith, I swear... The storyline was a complete mess, which is already bad but could have been overlooked, but also nullifies everything FFVII accomplished, and that I can't accept.
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Et toi, que vas-tu faire pour sauver la planète ?