Alternate costumes:
Hold Up while selecting a fighter at the arcade mode character selection screen Fight as Kouji Masuda: Successfully complete arcade mode using any male character.

Unlock Clair Andrews:
Successfully complete arcade mode using any female character.

Unlock Yuffie Kisaragi:
Successfully complete arcade mode as Cloud.

Unlock Vincent Valentine:
Successfully complete arcade mode as Tifa.

Unlock Django:
Successfully complete arcade mode using the eight regular non-Final Fantasy 7 characters.

Unlock Zack:
Successfully complete arcade mode using all Final Fantasy 7 characters.

Control victory pose:
During a victory pose, press the D-pad to move your character's eyes.

Disappearing:
Press R1 + R2 while you are running.

Items through walls:
In "A Brand New Quest" there are some walls that have items, mostly money, inside of them.

Buster sword:
Enter the weapon shop to see the Buster Sword, Cloud and Zack's weapon. It is leaning against the wall next to the weapon shop owner.

Masamune:
You can see the Masamune, Sephiroth's weapon of choice, behind the weapon shop owner on the wall; it is the longest sword.

Easy Battle Beach:
Note: A controller with an auto-fire feature is required for this trick. When the race begins, set Run to auto-fire.