I never did understand how those loading times were so atrocious. I'm pretty sure the entire game could be loaded on the RAM of a PS1 (just a guess, I don't know the actual numbers to back that up).
And no I don't know enough (or care enough) about computers to know if that matters. I'm guessing it doesn't but it doesn't take away from how ridiculous some of the load times were. Either way those PS1 re-releases made the early FF games available to a huge market of gamers that never had the chance to fall in love with the FF series in all its pre-7 glory.
PS Emulators are great and all but I, personally, am willing to pay for the games I enjoy and believe in. The PS1 re-releases were a way for me to do that.