I agree. It's actually one of my favorite Final Fantasy soundtracks. I'd guess you're at least partially correct about the reason why it's so overlooked; the multiplatform controversy and general outpouring of hate for the game (not all of which is undeserved) takes up a lot of air in the room. Plus the fact that it's comprised of more evenly high quality songs rather than having a few big ones. The only really big one was "My Hands", and we all know how people shat bricks over it.
But yeah, stuff like Sunleth Waterscape, Snow and Lightning's themes, and the battle themes are some of the best in the series. It's a shame Hamauzu left. I thought they'd found their new Uematsu. 