There is gona be no materia system in Final Fantasy 8 (True)

Somebody is going to die from the main characters that you play (Most likely Rinoa)

There is going to be time travel in the game (true)

Some where in the first disk your gonna meet Cloud

New Magic System Gurdian Force

New Magic System JUNCTION (Half way Confirmed)

You eventually meet Sephiroth

Four Cd's (CONFIRMED)

Movie out in 2001

Cecil from FF2 will apear in FF8