I never thought I'd see the day either, Cloud. Many of us gamer-nerds like to fancy Final Fantasy VII as one of the best RPGs we've ever played. Of course we can retroactively say, well it's not that good (or whatever), but at the time our tiny little mashed potato bodies enjoyed every little drop of that beautiful RPG gravy (sorry, I'm kind of hungry).
I think one of the conversations I've had multiple times with a bunch of different people (aka friends) is the conversation of Cloud being in Smash. And we all thought it was probably impossible. You know, since Nintendo owns Smash and Cloud is a Sony character and all, I -- along with all of my friends -- assumed that there was no chance that we'd be able to play as him in the game. But somehow, (probably with a bunch of money) Nintendo managed to get Cloud in the game, and boy he looks like a character I'd want to learn and use exclusively (sorry, Mega Man, I still love you).
And I'm unsure of what exactly his Final Smash is. It seems like that portion of the trailer has him using materia to summon those classic summons (I can't remember any of their names but I do remember all of them, I know, I'm terrible. Fuck off) but he also seems to be capable of doing Limit Breaks. I tried my best to take a screenshot of one starting up (above) but it might be better if you just watch the trailer over and over again.
There still isn't any news on when Cloud will be available and how much he'll cost (since he's DLC and all) but it seems like Nintendo is planning a special Smash Bros. presentation in December so I'd assume we'll be hearing more about this whenever that presentation happens.