NOTES - Screencaps are from the version by AonE - sorry if some are blurry but the action moves incredibly fast at times. ^_^; I've included a mixture of screencaps and clickable thumbnails to try to keep this page to a manageable size. Transcription of dialogue (when they differ from the screencaps) are from the Hiro version and other sources, with significant variations between fansubs marked with '='.
And here we go!
Realizing what the falling Kadaj is going to do with the remains of JENOVA, Cloud plunges after him, but when Cloud slams his blade down on Kadaj, it's caught by....
You guessed it... by Sephiroth! Barehanded, I may add. Masamune suddenly materializes.
Cloud's eyes widen understandably in shock.
Sephiroth: It's been a while, Cloud.
A exchange of blows ensues. With a swipe, Sephiroth knocks Cloud high into the air.
Landing with his signature graceful landing, Sephiroth stares down at Cloud.
Sephiroth: Have you lost the Geostigma?
Sephiroth: How unfortunate.
Cloud: What the hell is your desire?
Sephiroth obligingly tells him. ^_^
Sephiroth: The spirits of the deceased who carried the Geostigma...
Sephiroth: flow with the Lifestream around the Planet,
Sephiroth: and will eventually consume the Planet.
Sephiroth: My desire is this, Cloud.
Sephiroth: To use this Planet as a ship to travel through the darkness of the universe.
Sephiroth: Just like Mother did long ago.
Sephiroth raises his arm skyward and the sky fills with dark, threatening clouds.
= Sephiroth: One day we will discover a new world. (Bien)
= Sephiroth: We will eventually create a new planet. (Hiro)
Sephiroth: We will create our shining future on that ground.
Cloud: What will happen to this planet?
Sephiroth: Who knows.
Sephiroth lifts his eyebrows meaningfully for an instant.
Sephiroth: It's all up to you.
Sephiroth then charges for Cloud who leaps forward to meet him. As the sky continues to darken and sinister-looking streamers of black, smoky stuff start to fall/swirl, a lot of mid-air fighting ensues. Cloud is flung back, then looks around wildly, searching for Sephiroth, who comes soaring like a hawk right at him. Uh-oh. O_o
Sephiroth slams Cloud into a building and pursues Cloud relentlessly throughout the interior. As they race side-by-side, Sephiroth gives Cloud a Look(tm) and utters a 'hmph'-sort of sound.
They lock blades yet again. They strain back and forth, then Sephiroth suddenly leans in closer to Cloud.
Sephiroth: Interesting... What made you stronger?
Cloud's retort is sharp and to the point.
Cloud: I don't want to tell it to the likes of you!
Cloud shoves Sephiroth away and sends him flying. The fight continues with Sephiroth slicing off whole chunks of building and dropping them on Cloud.
Sephiroth leaps high into the air and stares down at Cloud.
Sephiroth: I was thinking of a present for you...
Cloud jumps and catches up with him. More fighting ensues.
Sephiroth: Shall I send you some despair?
Sephiroth knocks Cloud toward the ground. Cloud manages to save himself by sticking his sword into the sheer side of the building and landing on the edge of the blade. I kid you not.
Cloud stares up at Sephiroth, knowing that he's in a bad spot, because he's way down here and Sephiroth is up there (under the overhanging ledge).
Sephiroth: Kneel down, and show me the sight of you begging for mercy.
A massive overhanging ledge above both of them starts to collapse. Cloud looks around frantically but there's no place to go.
We see now that they're standing on the ruined Shinra Building. Sephiroth, who's been effortlessly surfing the wave of rubble down, watches Cloud for an instant....
...then abruptly turns....
...and slices the oncoming wave of rubble in half, which turns it into smaller, more manageable pieces as it falls toward Cloud. ^_-
Cloud looks upward, perhaps with relief, or perhaps surprise at Sephiroth's action.
In the meantime, Cloud stomps on the handle of his sword, causing it to separate into component swords.
He grabs a sword with his left hand, sticks it into the wall beside his main sword. Then, drops between them, graps hold of them and does an acrobatic flip (it's hard to describe) which launches himself upward, cutting his way through the remaining rubble. Out of the cloud of debris hurtles Sephiroth.
The fight continues and seems a bit more even now that Cloud's fighting with a blade in each hand.
There's a glimpse of a huge chunk of rubble falling. Suddenly Cloud leaps into the air over Sephiroth and slices the rubble chunk in half -- it was falling toward Sephiroth's back. ^_^
Sephiroth turns to see and gives Cloud this intense Look(tm).
Cloud ends up at the top of a building and staggers (his sword's back in one piece). He turns just in time to see Sephiroth leaping toward him.
Off-balance and already worn down by earlier battles, Cloud's forced into the defensive. Sephiroth alternates sword slashes with some brutal body checks (shoulder blows/shoves) which send Cloud staggering back.
Sephiroth grabs Cloud by the throat and flings him back.
When Cloud goes down on his knees, Sephiroth sends him flying against a wall. As a dazed Cloud tries to recover, Sephiroth stabs him through the right shoulder, pinning him to the concrete with Masamune. Ouch!
Cloud stares up the blade of Masamune at Sephiroth.
Sephiroth: What is the most important thing to you?
With a grunt of pain and effort, Cloud twists and grabs the blade of Masamune.
Sephiroth: Will you give me the happiness of taking that away from you?
Cloud glares (a few quick flashes of Aeris, Zack, and friends), then yanks Masamune out of his body.
He twists away before releasing it, allowing Sephiroth's sword to plunge back into the wall.
Cloud slashes, causing to Sephiroth to back off.
Standing up, Cloud stands up and stares defiantly at Sephiroth.
Cloud: How pitiful.
Cloud: You don't understand anything at all.
Sephiroth snorts/chuckles and attacks.
Re-energized, Cloud counterattacks, then goes onto the offensive, chasing Sephiroth into the air.
Cloud: There is nothing that isn't important to me!
Cloud twirls his sword and it starts to glow blue. Sephiroth sees that something big is coming up and braces himself.
Cloud's sword separates into five separate component blades that sparkle with blue energy and surround Sephiroth in mid-air. Sephiroth grunts/gasps in surprise or shock?
Sephiroth does nothing (or seems oddly frozen) as Cloud's form turns a ghostly gold.
Cloud seems to split and multiply as his spectral form(s) zips around to each sword and uses them to strike Sephiroth, who reacts to each impact -- apparently this is the new version of Omnislash! After five devastating blows (one from each component sword), Sephiroth awaits the sixth and final blow from Cloud's main sword as Cloud hurtles downward toward him.
Cloud lands and the five component swords fall around him, landing point down like a forest of blades.
He stares up at Sephiroth, who still hangs in mid-air.
Cloud: Stay quiet... as a memory.
= Cloud: Please stay quietly... in my memories. (Hiro)
High in the air, something black seems to unfurl from Sephiroth's shoulder....
....a single black wing. Sephiroth stares back down at Cloud.
Sephiroth: ... will not become a memory.
= Sephiroth: ... will not become a mere memory.... (Hiro)
Sephiroth closes his eyes....
....and the black wing folds around Sephiroth like a coccoon....
....then blows away in a flurry of black feathers, revealing a gravely weakened Kadaj, who falls and collapses.
::wobbling from exhaustion::
Enjoy the glory that is Sephiroth and Cloud! ^_^