The true plot of FF8!

[Christmas]

I think that the first form is the true Ultimecia physically and the last one is true Ultimecia/Griever/Something-else with a lot of part cut out character.

Pretty agree. The first one is the regular sorceress Ultimecia and the last one is pretty twisted since she is absorbing time and space. So it is basically a combination of sorceress and probably other stuff as well.

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EDIT: You ppl sure post fast....and I think I am just repeating what Sir Bahamut said....