Junction system is a great feature and many dismiss it because they don't understand it or know how to exploit it. I've played the game loads of times yet after the first say 30 minutes I rarely have ITEM option equipped for example, you don't need it mostly.
The GFs being so powerful early on is meant to be like that. They give the edge in battle but with limited health and them taking the hits using them too much can mean they cannot be used at all. They also take time to cast you while another character is drawing magic or hitting away, the character who activated GF is just standing there. In later game they are pretty redundant except Cerberus. Except for actually making magic that is, make sure you make your GFs learn to change items into magic, and you never need to draw again either.
The idea of 'Limit' isn't like FF7, not at all. It's there as a desperation move not a move after taking a certain amount of hits. It's actually these limits that break the game so yo speak. Once you get the magics Meltdown and Aura. The game is pretty much over. :)
Hmm, pie.