I'm out of Midgar, and have just finished Cloud's lengthy flashback to the Sephiroth / JENOVA incident. As it stands, I like Cloud, as he is completely driven and in motion. However, I'm still waiting for a very profound moment from any of the characters; while they're all becoming very round and three dimensional, at this point in the game nothing's really made my jaw drop or anything. Similarly, I didn't fully like Magus until I learned of his history in Zeal, so this isn't a bad thing.
I'm over my initial horror at the character models, simply because they are apparently 3D versions of sprites common to 16-bit games. Looking at them in that light helps. I was utterly dismayed at the death of the AVALANCHE members; I hated seeing them die.
Summarily, the big draw of the game right now is learning more about the Ancients, Shinra, and JENOVA. It's really got me hooked, and I can't wait to get deeper into the plot. The FMVs are also pretty cool.
And I'm really hoping Vincent proves to be a profound character. That guy looks cool from Advent Children.