While the series definitely peaked at FFVI, I didn't think FFVII was bad. Not 'teh best gaem evar OMG ROFLCOPTER!', but a decent RPG.
I certainly haven't been able to play a Final Fantasy after they decided that the character design in FFVIII was the best character design ever and that all other FF games should strive to emulate it. The utterly colorless designs of FFVIII is one of my (many) grievances with that game.
I treasure Square for the contributions they made in the SNES and PSX era. In the SNES era, they made the best RPGs, period. FFIV, FFVI, Chrono Trigger, Bahamut Lagoon, Secret of Mana, Super Mario RPG, Seiken Densetsu 3 - they were a force to be reckoned with.
Then in the PSX era, while their RPGs were starting to lack, they began branching out with some really great titles. Tobal, Bushido Blade, Final Fantasy Tactics, Brave Fencer Musashi, Threads of Fate, Legend of Mana, Vagrant Story.
The when the PS2 era hits, what do we get? At first, we get The Bouncer, which was a nice effort - but shortly after that, Square Soft becomes Square Enix, and we then get nothing but a bunch of Kingdom Hearts and Final Fantasy entries. Wake me when this nightmare ends.