What is the TMB project? Even Google doesn't know, http://www.google.ca/search?q=%22tmb+project%22+nobuo&btnG=Search. Officially the band's name is The Black Mages (TMB). I said he hasn't been outdone because this is a remix (technically that's the purpose of the band in the first place, to remix his own game music) of the original (even though he himself did the original). If you call the TBM version the same as the the original FF7 battle music then either you've heard only 1 of them or none. By the way, have you even heard the Those Who Fight Further mix?
I agree with the muddy part and that's part of the reason I say the TBM version was better in terms of the instrument balancing I liked the instrument selection TBM used from the 1:00-1:40 whereas the repetition of the guitars in this version and part of the build that occurs from 0:30-1:01 was completely missing and not just re-worked which deterred from the the aforementioned section that it builds up to in the song.
The opening was definitely a good part of this version I just felt it "fell apart at" 0:30 but the various parts where unique guitar sequences were done could be expanded a little further. The original guitar content after 1:30 was actually quite well done to playing on the original sound theme, but could have been complemented with filler background instruments (like instrument fading to either nothing or quietly backing the guitars) and having this transition spread over a little more time since the overall leap from 1:25-1:35 was just a little too rapid. To summarize, the major shortcomings of this song I would say were the lack of volume balance of instruments (i.e. drums seemed louder then the guitars) and a lack instrument variety that included the song having spots that seemed more like "dead space" in what is normally a very fast-paced tune. With some more polishing this tune could have a solid twist to the original!