I love the Squall is Dead theory because it's just so crazy that it could be plausible. Same with the Ash is Dead theory.

I don't understand why people hate the "it was all a dream" twist. I mean, it is kind of weak, but being like "it wasn't real " kind of misses the fact that it's a fictional story in the first place. A story playing out through somebody's subconscious dreams and hopes and desires sounds like an alright idea to me, even though it certainly wasn't executed that well in terms of FFVIII.