Ignoring the lack of updates if the game is buggy, games back then were also more focused on quality and make gamers replay the game with unlockable features based on skills, not money. I can't count the number of times I played Metal Gear Solid games over and over to unlock new features playing the hardest difficulty and with handicap features, and also to find Easter eggs. Speaking of Easter eggs, you'd lose a number of hours exploring every nook and cranny finding them!
At some point, I'd have passed on a new game and chosen to get a memory card instead, haha
Though I did get bitten with the RPG bug back then, so that probably colours my opinion. Not that I didn't play the first half of FF7's Midgar (aka. first act) dozens of times because I kept getting stuck.
It's great that level select cheats were so prevalent back then!