as a fellow fan i want to reply to this post real quick to say that the accessories with status immunities are sometimes make or break for fights if you're a filthy casual like me, for instance today i did the gelnika reno/rude fight and the other day JENOVA-WAR and i absolutely had to use a peace ring and addedeffect-mystify combo to beat it. A lot of the misc status/elemental accessories also add stats now to make them competitive with throwing a champion belt on everyone
also some input for the materia gripes, the modifiers exist as a way to make magic casters even more powerful and round out or even give utility to tanky characters at a HP sacrifice, a lot of encounters now open with some pretty powerful attacks further emphasizing the need for preventative measures over damage output. i regularly run with a physical attacker and a multipurpose caster and offensive caster, sometimes even utilizing HP-MP, dont forget that in late game you can attain quite a few +1 STR materia to balance or even swing the other way. if any changes to materia should be made there should be -HP +Dex or -MP +SPI etc but this starts to get ridiculously messy when you make utility casters and their stats are all over the place, not to mention armor has stats on it now too!
ps when you get to the end of temple of the ancients i think you'll understand why the balance changes are the way they are, also make sure you keep destruct materia on someone at all times