I've just spent a couple of hours struggling with this bug. The solution (for me, at least) turned out to be pretty embarrassing; I'd copied the ISO image of my DVD to a FAT32 partition. The maximum size of a single file in FAT32 is apparently 4GB, so my image was truncated to that (which the stupid ISO ripping software didn't even warn me about!).
The FFX image should be about 4.3GB or so; if it's exactly 4GB (or 4,294,967,295 bytes) then you've fallen afoul of the same thing. Immediately after Auron says his infamous "Look", the game cuts to a brief movie of that big sphere of water - presumably that movie must be the first thing in the game which is stored somewhere in that top 300MB, and PCSX2 crashes when it doesn't exist.
The obvious solution is to rip the image to a better filesystem - ie. pretty much anything else
Sorry if I'm teaching everyone to suck eggs here, but I didn't spot anything specifically about this while I was trying to solve it. Obviously all the advice about using a direct CD plugin would solve it, although when I tried one it didn't want to load at all for some reason.
Anyway, hope this is useful to someone