I am not one to look past flaws in older games just because they weren't considered flaws at the time. That being said, I enjoyed FF V immensely.
We all know the story is extremely simple: The crystals are in danger, the world's gonna be destroyed, four heroes (well, five) go to save them. What makes FF V's story enjoyable is the occasional lampshading of common RPG tropes. One NPC, for instance, gives the line, "They say Crescent Isle is actually shaped like a crescent. How ingeniously appropriate!" It's those kinds of lines that keep the game from becoming dull in its simplicity.
The characters aren't deep or particularly memorable, but they are all likable enough and have some amusing interactions. I just wish they were more distinct; oftentimes, they were interchangeable. Was it Lenna who thought letting the werewolf out of prison was a good idea, or was it Bartz? Moments like those made me wish the characters actually discussed what to do, rather than simply having the onscreen character do it. It was missed potential to develop the characters further.
For the most part, the (iOS) visuals are fine, especially since you're not likely playing FF V for the graphics. There are a couple moments when the lack of animation spoils what would have otherwise been a dramatic or tense scene, but it's never major.
One major plus for the visuals is how every character has different sprites for every job. It manages to be Costume Porn even though the graphics are simple 2D sprites.
The biggest draw of the game! The job system, which allows a character to level up classes and use abilities from two at the same time, allows for immense amounts of strategy and customization. Plus, unlocking all of the abilities is just FUN, since for many jobs you don't know what's going to be unlocked next.
There are a couple quirks in the iOS port that are irritating, such as the 8-direction movement and having to tap everything twice, but they're manageable.
The iOS port isn't a direct port of the original game, but if the research I've done is accurate, it's close enough to safely say that FF V has aged quite gracefully. I can easily recommend it to any JRPG fan out there.