No, it's not Sephiroth. It's Thirteen, my Sephiroid (you know, those guys in the black cloaks and stuff...) He is, in fact, -wearing- a black cloak, though he's left the hood down and it's fallen open, instead of him scuffing around under it like a monk or something. He does look a lot like Sephy (natch), save for a messier hairstyle and subtly different facial features. He's not quite as hawky and aquiline as the General is. The symbol on his shoulderplate is the sign for Libra... in-game, he's a Zodiac Warrior, and that's his designation. Ironic, innit?
And I do like your take on the Black Cape/Mantle. So much nicer than what Square gave us.
Just a thought... I'm jealous of your line prowless- I haven't been able to do a serious drawing in almost 2 weeks, so my lines suck now.