FFVIII is definetely my favorite Final Fantasy, followed by FFVI.
The junction system is, IMO, way superior to the equipment system. The ST-Attack junction allows you to inflict the status you want while ST-Defense gives you resistance to them. Elem-Attack gives your weapon elemental power, while the Elem-Defense does the opposite. Also, every stat can be junctioned with a magic, making your characters extremely customizable.
Of couse, magic is barely used during the fight later in the game (except for Meltdowns for Vit 0 and other stuff like Curaga, Life, Esuna, Dispell, etc). GFs fall a little too, but some are still useful (Diablos against high HP enemies, Cactuar against enemies with high defense and other ones for elemental advantage)
The story is SO DAMN GOOD. It's confusing as fuck,
but when you undestand it (this link has huge spoilers), everything is awesome.
Also, best soundtrack.