Well, see Seph, 32-bit textures in 16-bit colour are likely to have, y'know, colour banding. Plus not ALL of the textures in FF7PC are hi-res enough to be too noticably different.
However, with the emu you can get 32-bit-depth WITHOUT having to worry about the movies messing up.
Oh, they're not so blocky, either.
The only benefit to having the PC version nowadays would have to be the music, if you have a kickass sound card like me. Every song sounds to par or BETTER than the PSX version...but that's only DMusic with Fice's little player...*sigh*