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XBox - Phantom Dust cheats

Unlock monsters as playable character:
Choose the VS mode, then hold L + R triggers while choosing a character 
at the character selection screen. The avatar of your character will 
not change, but your character will appear as a monster while playing.

Watch all movies:
Complete chapter 4. At the end of chapter 4 you will get another mission 
from Mikan. Complete that mission also and go back to Mikan and speak 
with him to watch any FMV sequence.