I played the playstation version. I think it would be less tedious on a handheld because you could watch a movie while you input an endless string of "select select cancel"s.
But I heard some versions of the game are different-- removing the stat grinding exploits and upping (!) the difficulty. Which is hard for me to come to grips with because for me it was the hardest FF game to get through and I did the Dark Aeon side quest in FFX, beat the weapons in FF7, etc. With FF2 I just never felt a sense of accomplishment.
I'd say do research into the features of the version you are looking at before making any purchases.
Some people really like FF2 but it's really one of those love-or-hate things, it seems.