Breath of Fire III, perhaps the series' most popular installment, is a transition RPG, exemplifying the changes the genre experienced as it went from fourth generation systems to the Playstation era. The game has all the classic mechanics of a SNES game, with graphics and sound that are not much different. Yet if you look at the master and skill systems, the mature story and decent voice acting, you see clear signs of the next generation.
While it isn't the step forward that Final Fantasy VII and Xenogears were, Breath of Fire III is still a classic in its own right. Now that it has been ported to PSP, hopefully a new batch of players will be able to see the achievement that this game represents. Breath of Fire III is almost textbook; this is how a traditional RPG is meant to be done.
Source : RPGFan

