Update:
Considering Hard Mode restricts items, some players (like moi) probably sold their usable items. Pt 2 would probably provide a kit to start with (if Cloud and crew are still level 50, Potions will likely be more potent "because destiny"). If their levels reset, it'd also be "because destiny".

In the Key Items list:
  • Moogle Medals
  • Combat Analyzer
  • Sam's Coin
  • Handmade Necklace
  • Moogle Membership Card (if purchased)*
  • Tournament Entry Form
  • Andrea's Earrings (if earned)*


*At some point in Pt 2, I expect there would be an opportunity to earn these items. An actual moogle shop to purchase the membership from and another dance off (maybe vs someone else who has a pair of Andrea's Earrings).

I predict mostly iconic items will transfer over. Cloud's Buster Sword, Barret's Gatling Gun, maybe Aerith's Guard Stick. Of course, it's possible that all acquired weapons will transfer. Newbs who haven't played Pt 1 could likely buy all of the weapons en route to Junon. That's 5 for each character. Of course, Red never had such a collection but it's possible that shops will provide 5 additional weapons for him along the way. Of course, this setup would mean that the original foursome would likely not have access to a new weapon until after Junon... maybe.

Anyway, I think skill sets will be reset. Some skills will remain (i.e. Braver) but if there are skills to learn from the original 6 weapons, they'll likely be revamped, forcing even those who partook of Pt 1 to reuse those weapons to earn these "new" skills. I also believe there will be a skill management system, 'cause damn that menu got long.

Materia will likely be reset too. At this point, I've collected about 80 Healing materias. Not to mention shops sell them and there's no possession limit. Really there should be a limit. 4 would have been enough.