I've spent the day with it, here's my thoughts so far:
Pros:
1) Audio fixed, enhanced, and functionality expanded
2) Comes with a good base set of features for graphical/performance overhaul out of the box
3) Multiple Speed-up settings, FMV skip, Mute Audio, and Game Reset shortcuts added.
Cons
1) No XML support, meaning in-game hotswapping of files isn't available.
2) Mods must be combined manually; one custom slot, rest of desired files must be set either in base or global override.
3) Text-based management for options.
For the audio, I've got an example. In the observatory scene, multiple sound effects are supposed to play together in order to create the full effect. However, on PC the sound channels don't work together properly and you end up with only one playing at a time:
[Mind your volume]
PSX:
https://youtu.be/Qp9i4hFRH0U?t=58PC:
https://youtu.be/l6WuEu-YaZ8?t=10This now plays correctly in R06; there are also field script tweaks, etc. to adjust other issues like the character being hidden by the camera during the PC version of the scene.
Similar adjustments and fixes are throughout the game. A list of the fixes and changes can be found here on the Field Script errors tab and Other Errors tab:
https://docs.google.com/spreadsheets/d/1DUjmyW94zcYoX7gIW5yAT4giTPeNmCR4TCaHAiXOLlU/edit#gid=653329679Menu Overhaul is now quite close to the original aesthetic. I feel that's the way to go, but others may prefer the old Menu Overhaul. Battle looks pretty good with the entire screen being used and being able to see currently active statuses by using Square is really handy (works even while paused). The other assets like model overhaul, world map textures, etc. that come packaged are solid choices.
The shortcuts to speed up the game, etc. will be very handy. While the speedup is better than the PS4 version's equivalent, I think it'd be good to add a random encounter toggle so that it more fully matches it.
Overall, game looks and performs well. World Map is nice and bright like the PSX game. Fields seem to load faster as well during transitions (I think this is when New Translation is turned on, which has the field fixes in it).
***
Modding-wise, I see a lot of potential in the audio section. Having SFX play into battles means that environmental ambience can carry over into a battle (for instance, the corel train battles could have the train SFX as you're fighting). There's also the 255 expanded limit for music tracks and the 65535 limit on SFX which opens a lot of doors for audio modding.
Not having an XML to hotswap files in-game, however, is a drawback as it enables features in 7th heaven that R06 can't do like swapping character models from an in-game menu.