CinnamonPirate (whose impressive resume includes Der Langrisser translations and work on Beggar Prince) has unearthed a rare Final Fantasy VII NES ROM and posted multiple pictures as proof. Needless to say, this is completely unlicensed and could only come from China. But contrary to the cheap knockoff products we've come to expect from that country, this cartridge was a behemoth and probably the results of a couple years of work. I can't imagine the business plan for this project, how did they think they could recoup R&D on this? Read the post for extensive details regarding internal data organization. [update]: You can now view footage of the game on Youtube. Sadly, slow and boring battles make up about half of it.
This also reminds me of a previous attempt at recreating a new Square game on an old platform. In late 2005, a group of Japanese programmers worked hard on a Final Fantasy X NES ROM. Their efforts were commendable, but it looks as though it was all in vain. Either real life obligations caught up to them or the great Square-Enix hammer of injustice struck down the project.