One of the mods off Qhimm would probably be better than this, ironically.
The mods from Qhimm already far surpass what this version will produce (based on the file analysis at Qhimm). I honestly didn't think they'd have the gall to unleash the original PC midi on the current generation, but there's always a chance that this isn't a complete version of the game.
It's still probably going to be the nicest looking version of FFVII that's not modded though, so if someone wants to play a vanilla VII I'd definitely pick this up. The FMV's for example have been upscaled very well. To my eyes it so far looks better than any attempt on Qhimm, and there have been a lot of attempts to do that.
The backgrounds are the same in their original resolution, they've just applied shaders and filters to run in-engine but I'm not sure how that's going to look.
Apparently there's also an alternative font but it's unknown whether or not this'll be available to use in game or if it's for something else (Achievement system maybe?).
The filesystem is almost exactly the same as the original PC version, the only differences of note are the MIDI conversion to OGG (which means replacing music could be as simple as drag and drop, unless they're still packaged in LGP files) and seperate .exe files for different languages.
I'm still very interested to know what it's going to look like on a field background/ the world map running at high resolution. It could end up looking very nice.