Having finished both (as well as played their PS1 counterpars to death) I can confirm that the PC version of FF8 was better ported. There is no need for any patches, it just works out of the box. And unlike FF7, the resolution is higher (it actually DOES use the increased resolution from the PC for sprites), the character portraits also use the increased resolution for more details. The videos are in high-res too, in other words they look better than their PS1 coutnerparts.
FF7 on the other hands needs quite a few patches to work, and a few other patches to avoid crashes at specific points. The videoes are horrible, basically it's a re-encoding of videoes recorded from a PS1 with analog noise in top of them (no joke). You need some kind of external XG syntesizer for the music, if you have one you'll get music of amazing quality, if you have none then you get something much worse than on PS1.
On FF8 you get music much worse than PS1 no matter what you do. But that's the only part that was poorly ported.
Also there is musical errors (tracks going out of snychronization) in both FF7 and FF8 at mulitple points. This is pretty horrible in fact, you wonder how they managed to mess it up that much.
So music aside, FF8 PC is an improvement, but FF7 PC is worse in all areas (except saving, because you have unlimited saves).