He won't pick her, or Aeris, it's too obvious. Also, I think that meadow cloud and aeris are standing in is the promised land. Anyway, you know he loved Aeris though. Do you remember at the time they're all sitting around the cosmo flame and cloud is talking to aeris? Well she says she feels really alone and cloud says

"But you're not alone. I'm... we're here with you."

I dunno about you, but that shows that there was something going on between them that was never really realised. Also, at the end of Kingdom Hearts Cloud finds his "light," in other words, he finds Aeris when he goes back to hollow bastion.

Cloud and Aeris forever!!