FF8 will be a 5 CDs game, due to a large amount of CG movies throughout the game.
The game is currently 15% completed. The release date would be around spring of 1999, the same time frame as the release of Dragon Quest VII.
This time up to 4 persons can participate in battles at the same time.
Limit Moves still exist in FF8, each character will have 6 Limit moves, and this time some limit moves can only be learned in specific events / locations.
There will be around 30 characters in your team, which is 3 times as much as FF7, and each character will have significant differences to make each of them unique. (just like FF4)
The story of FF8 continues from where FF7 left off: after Sephiroth's death, the cells of Jenova in his body keep growing, and transformed into new life forms that are again harming the lives in the planet. A new group of new heroes (new Ancients, Red XIII and others) are set to defending the planet and battle with Jenova. (This is the first time a Final Fantasy game has connections with its prequel)