This has been bothering me a bit. I got the HP <-> MP materia and I realize that it switches your HP and MP so with maxed out HP and MP you can have 999 HP and 9999 MP.
I've only figured out one use for it. It makes it very easy for characters to get limit breaks against weak opponents. This is useful for getting second limit breaks for each level. Of course I realized this very late in the game, so I only used it on two characters.
But aside from that does this materia do anything useful?