Materia V - +12 Stat, can be overmelded past the first overmeld slot.
Materia VI - +40 Stat, cannot be overmelded past the first overmeld slot.

Materia VII - +20 Stat, can be overmelded past the first overmeld slot.
Materia VIII - +60 Stat, cannot be overmelded past the first overmeld slot.

Hopefully this illustrates that VII replaces V and VIII replaces VI.