The fan translation was very professional. In fact, the translations of FFV, FFII, FFIII over 1997-98 were much better, infinately better, than the translation Square gave FFV for its 1999 release on the PS1. I played it a few years after it came out, a few years before Square finally started releasing some of its unreleased games and I was impressed with how good it was. Sounded professional, no typos (I think there might be one in the entire game actually), clean, neat. These were the fan translations that really put the whole notion of fan translation on the map. Of course, with V & II, there was far more discord behind the scenes... At least it didn't show through in the final product.
I love the original 8-bit experience. Weakest of the NES 3 in terms of gameplay, but strongest of the 3 in terms of story. The gameplay experience powers the 1st game, the story powers the 2nd game (and following up the original, felt like a new map, a new world to explore and fight monsters on), a sense of adventure powers the 3rd game most (along with the great gameplay of playing all the different classes).
I recently ordered repro carts of the fan translation of FFIII and FFV. I also ordered FFII, but wound up with the prototype version. After doing a little more research, I went ahead and ordered a copy of the fan translation of FFII as well. I'll keep the prototype as a neat collectible, and play the fan translations!