In Final Fantasy VII, "Loveless" is a name of a play that is a minor, but important reference at the end of the game. The mention of the play is one of the many minor intertextual references that dot all of Squaresofts games, and may mean something or may mean nothing at all.
In the final part of the game, right before you descend into the Northern Crater and fight Sephiroth, you are allowed to talk to all the different members of your party on your airship. If you talk to Cid Highwind, he will tell you a story of seeing a play years ago, in Midgar. He fell asleep during the play, and only woke up near the end, to hear the heroine of the play say she "would be back when this is all over". Which is, of course, what Aeris Gainsborough said, right before she left the party earlier in the game.
So what the game designers are doing here is making up an imaginary play, and a mediocre one, at that, to make reference to part of the plot of the game they made up. The reasons for doing this, are, as with many aspects of Square's labyrinthine, obscure stories, not totally clear.
As a sidenote, it seems that the play was named after the My Bloody Valentine album, since the first shot of the game shows a neon sign that shows part of the phrase "My Bloody Valentine".