The translation in CT is nearly flawless. I'm sure that there might be one or two mistakes, though.
There was no excuse for FF7 having such an awful translation. FF6 came out three years prior and the translation was phenomenal. Just another reason why FF7 is most certainly not the "greatest game ever made," like so many Sephiroth-addicts want you to believe.
I do think Final Fantasy 7 is one of the greatest games ever made but I am not a Sephiroth addict.