After the tour de force of FFVII, VIII had some massive shoes to fill.  It knew, however, that it probably was never going to fill such storytelling shoes, but I don't think the game was a complete loss either.  I've often heard it told that many fans didn't like the story since it's a love story as opposed to a story where you have to save the world.  Granted, there's a bunch of sorceresses running around, messing things up, but it IS generally agreed that it takes a bit of a seat in the back compared to the more involved, psychological story of an antisocial kid destined for great things.