From what I gather, the music in the new re-release is still MIDI-type music. Is there a mod that enables someone to play the re-release version of the game with one of the (apparently many) FF7 soundtracks that have been made?

Yes and no. The original PC version does have a mod called 'FF7Music' available that allows custom soundtracks to run, but it's very fiddly and takes a lot of tinkering to get working. The details can be found on the Qhimm forum at Qhimm.com Forums - Index (http://forums.qhimm.com/)

As for the latest digital download release, I'm pretty sure the above mod will not work with it, on account of the game having a constant connection to SE's server and nasty DRM apps running in the background. That's not to say that it's not possible - just so soon after it's release it's likely that there would be no mods available that can work with it at this time I'm sorry to say.

Well then, I'll have to keep the page bookmarked just in case something does come up. Thanks for the reply!