I really only "felt" the wait the few weeks leading up to the game's release. I knew going in (from the media and interviews) that it wasn't going to be a 1:1 remake. I'm writing this on a phone so apologies for any grammatical or spelling errors.
Pros:
The highs are extremely high.
The combat is spectacular to both control and to watch.
The graphics are incredible and allowed me to take so many beautiful screenshots (expect for the end, I hate how they disable screen capture).
The characters, particularly Barret, went from being a great cast of cool characters to fleshed out, deep, motivated people and not just pixels. I really felt their individual fears and motivations, the writing was very well done and the voice actors knocked it out of the park.
Cons:
When the story stays faithful to the original, it does it wonderfully. The stuff it adds (mostly the end) just felt like fan fiction or fanbase pandering. Why mess with a classic? I'm intrigued to see what happens, so it is kind of nice to actually wonder what our heroes will go through instead of knowing exactly how things play out. But like many others, Nomura made me feel like I was playing a Kingdom Hearts game at the end. I love those games, but they're not Final Fantasy.
Graphics weren't perfect, I know. Door textures that didn't load and pop ins galore, but I don't care. It was 99% gorgeous.
Materia management was a pain in the butt. I wish there was a quick select/move all like the OG game. Also I wish like the OG, you could press a button to switch from the weapon page to the Materia page.
Overall I thought it was a fantastic experience, a fresh take on a beloved classic, but it won't take the throne. Currently playing on Hard now, the combat really shines on this mode.