it's certainly a high point, it could be argued that it's the best 16-bit RPGs of the 16-bit area...
To me the discussion is around those:
- Phanrasy Star 4
- Lunar/Lunar II (sega CD)
- Chrono Trigger
- Maybe FF VI (I give it credit, hoever, I never finished it on the 3 or 4 times I tried myself at a playthrough
Other RPGs of the time are not worth mentioning as "best" however there are many really good RPGs on the 16-bit machines, more so on the SNES obviously... however, the Japanese PC Engine CD had quite a few impressive entries as well.
I wonder where those who think FF VIII is even "good" are from, certainly not earth, that game was horrible, I remember trying to collect those flying balls out of enemies FOREVER, it bored me to death... it did show how good a PS1 RPG could look, that was impressive at the time! I recall drooling over the trailers!