What happens at the end of Final Fantasy VII?

Aeris' dialogue with the planet activated Holy, the ultimate White magic that is the only magic powerful enough to combat Meteor, the ultimate black magic.

Holy used the planets lifestream to defeat Meteor, rescuing the planet and it's people.

Midgar was left in ruins.

All of the Main characters of FF7 survived and lived to fight another day (Advent Children).

Sephiroth's physical form no longer exists having been destroyed by Cloud and the gang, but his presence still infects the life stream, the planet and Cloud's mind.

A number of Sephiroth clones still exist.

That leads to the story of Advent Children.

This may make as many questions as it answers, but Advent Children was the follow up to FF VII