The fight at the Ocean Palace has you up against a super version of Lavos but it is possible to beat him. Basically you get a different ending. The game has multiple endings and when you beat it the first time you get access to New Game+. You start the game over from the beginning except you keep all equipment, lvs, abilities, and money from your completed file. You also can get access to a new time gate that allows you to fight Lavos whenever you want. Beating him at different parts of the game nets you different endings. Hell, getting killed by him gets you an ending...

The game has surprising replay value.