FFT is a tactical RPG from Squaresoft. The team that developed it was the same that worked on Tactics Ogre and have since moved on to Maxfive and their next project, Hoshigami: Ruining Blue Earth.
FFT is a story about our hero Ramza Beoulve and the Lion War. (There are no further plot spoilers in this writeup, which is probably less than the back of the box.)
The gameplay rocks. The job system is a modified form of the one in Final Fantasy 5--change a character's job and they can acquire new powers, which can be kept later when the character changes jobs. The battle maps are 3D and rotatable (a Good Thing™). The battles themselves are engaging and pretty, as well as challenging, especially if you decide to start playing without Orlandu when he's 40 levels higher than the rest of your party...
The music rocks. Nice, relaxing war anthems.
The translation is not so hot. Especially the tutorial. (I think sleep is the wrong status ailment to assign to the Mimic Daravon skill. Confusion might be even funnier.) Some of the spell translations have odd quirks--for example, summoning a Lich will get you Rich instead. If there are was ever any meaning in the descriptions of the Deep Dungeon levels, it's completely gone now.
Classic in-game quote: "I got a good feeling!"
See also Final Fantasy Tactics spell list.