
Originally Posted by
Big D
From the FAQ post in this section:
New information:
The FFVIII Ultimania guidebook is an official publication containing detailed background information on Final Fantasy VIII. According to this guide, the sorceresses in FFVIII have normal human lifespans. As Ultimecia lives "many generations in the future", it is highly unlikely (since this is a game that involves magic, after all) that she and Rinoa are the same individual.
So much for that theory
Heartfelt thanks to Squall of SeeD for posting information from the Ultimania guide and putting an end to the most annoying debate in Final Fantasy history.