I don't think this match means anything in regard to the final. I still don't think Cloud/Sephiroth stand much of a chance against Link/Ganon, but this match isn't why. You can look at their matches throughout the contest, and while you can try to excuse it away with 'weak characters' 'sff' or whatever, Link/Ganon have consistently had matches where it was like 'whoa, yeah, they're gonna win,' and Cloud/Sephiroth just haven't. Generally, when that kind of thing happens, you don't need to think much about how the match will go.
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"When I was a young man, I had liberty, but I did not see it. I had time, but I did not know it."