Relic Ring gives Auto-Wall (like a Protect Ring), +20 to Strength & Magic, as well as defending against Dual-Drain and Manipulate (used by some bosses). It will also absorb Hidden...but also Restorative; so if you use it, make sure to have some alternate means of healing (absorb Fire, for instance, using an Elemental Materia).
Ah, but Ultimate Weapon doesn't have a sword in FF7 so we have to assume that Omega borrowed it from him.
Edit: Got the thing for Terra Break working, but need to decide if it's triggered by one character defending or all three need to be Defending. Leaning toward all three.
Edit2: Threw a wee patch up; changes Gravija to Demi3, Terra Break change (all three characters need to defend after Demi3 to avoid the damage), changed up the elemental resistances (I think) and re-enabled the physical attack.
Installed the Scene.bin hotfix and the flevel hotfix. Trying to kill Omega, but he freezes after the demi cast, which I believe is when he's supposed to cast Terra break?
Also, got a w-item from Nemesis the other day, leaving me with 2 of those in my possession. So I'm guessing the midgar drop was not intentional afterall? :>
I really enjoyed the little dialogue after the Nyctalopian dragon fight, giving a bit of backstory to Cid's Highwind limitbreak. o/
Edit: It also still seems that Yuffie suffers a damage penalty, when using 4x-cut from the back row.
edit 2: One of the patches says it also fixes the w-magic drop. I went down there again, but no w-magic in sight. :<
edit 3: The New Threat dude on the Highwind still tells you to go to Midgar for Cid's old mission.
Edit >9000:

Brawler league bugged, giving rewards from the Tifa-solo league.