This is Final Fantasy VII: Re-Imagined. It’s an indie (read: unofficial fan project) side-scrolling beat-em-up that recreates Final Fantasy VII as a 2D side-scroller. It’s awesome, free and you can play it right now.
While a little rough in places, it’s pretty good! The controls are nice and heavy, and the fan-service levels are through the roof, from the attention to detail in the art to the soundtrack.