I don't think that's even the right title. There has been debate as to whether or not the slowdown during spell casting is due to hardware limitations or programmers' intentions, but I've found that running the game as a .cso or .iso rather than off of the UMD speeds it up a bit. The sound does have some issues during spellcasting; it sounds almost as if it's just a low quality audio.
The PS1 version was a lot of fun, but there really isn't any reason to have a copy of each, unless you're a diehard fan, or a purist. Neither of the translations is particulary good, but the PSP version has multiplayer (which gets old fast unless you know someone to play with that doesn't have hacked characters) as well as the Dark and Onion Knight classes.
I would recommend this game. You can put a lot of hours into it, or you can breeze through it. Enemies in random encounters scale with your level, but enemies in the main storyline do not. After you get comfortable with the game you can try SCC (where all of your character are the same sex and the same job) or even an SSCC (where you only use Ramza and guests in battle).
The board at
Video Game Cheats - Video Game Reviews - Video Game Codes - Video Game Web Site - GameFAQs has a lot of information about things you can do to make the game more challening or fun. If you decide to buy this, definately head over there.