I don't mind the leveling system, and I think that most of the problems people have with it come from abusing it (e.g. attacking party for HP). My problem was with the magic levels, simply because I am quite used to getting the most powerful magic avaliable (the '-ga's or '-ja's), so I felt like I
should have my magics fully leveled up to 16 near the endgame... whereas anybody who has played this game knows that leveling up your magics as such is a bit like leveling up characters to "99" in most regular leveling systems.
The story really does save it though; there is a much deeper plot to it than I (or III for that matter), and it's hardly outdated by today's standards.
I would say that it is definitely worth getting for any FF fan (which I assume we all are

)