It's not even refining magic. The biggest walking cheat engine is the ability to cast drawn magic immediately. Your enemy is at the same time your spellbook.
And if they happen to have curative magic...
And later you get GF abilities like Recover, Treatment and Revive which do all the health care for free as well...
And later you can find magic to junction to element defence that will make you absorb a major part of damage...
And we're talking it all given that you actually still fight someone except bosses and Cactuars at this point. And level grinding is not that beneficial in the game.
Truly, it must look like the weirdest JRPG of all times.
Dunno, maybe these issues appeared due to Sakaguchi & Co making two FF games at the same time (FF9 was being produced simultaneously, and judging by Sakaguchi's affection to it, he might have spent more effort working on this installment). Usually Final Fantasy games are more balanced (or swing to the other extreme like FF3 with its conspicuous lack of save points in dungeons).
EDIT: forgot another delicious thing - it's the first FF that gives you money literally for walking around.
Meanwhile... I'm past the space scene.
Screw it, I like this game despite whatever...