Geez, this is a stupid arguement. For one thing, you really need to specify the rules of the engagement. Are both characters using their own battle systems? Is Cloud entering with a full Limit Gauge? Is Squall able to use the Ribbon ability?
If both characters are allowed to use the full abilities allowed them in their respective games, Cloud would win. Sneak Attack-Knights of the Round, and Squall's dead (based on the way Sneak Attack and Initiative work, I think Sneak Attack would use the ability attached to it automatically before Squall could attack with Initiative). Since both characters have a max of 9999 life and can do that much damage with a single hit, the winner would be whoever goes first. Squall would have the advantage of unlimited Limit Breaks, but if he was in critical he would die before he could use one. Oh, and don't forget that Lionheart isn't guaranteed. Lionheart hits 16 times (plus the 4-8 hits of Renzokuken), while Omnislash only hits 15, but it doesn't really matter, because neither character would survive half of those hits. Cloud doesn't have Squall's infinite Limit system, but he does have 4xCut, which puts Squall's normal attack to shame. Truly, whoever got in the first hit would win, since both characters can dish out much more than they can take. So I believe that Cloud could when by proper use of the Sneak Attack materia (and even if he lost, he could make it a tie with Final Attack-Knights of the Round, or use Final Attack-Phoenix to instantly resurrect himself).
But truly? I doubt that the two would fight. Squall and Cloud would get along great. Also, since you put this in the FFVIII forum, naturally the majority of the responses will be in favor of Squall. This question has only been asked a few thousand times. Now why don't you just give it up?!
