Go to Options and input the code and a sound will play to confirm that the unlock was successful. Since DOA5:LR ver. 1.02 you can now use a command to unlock costumes (for characters except for Honoka and Raidou), Story Mode progress, movies, system voices, music, and the OMG breast motion setting.

Effect	Code
Unlock costumes (for characters except for Honoka and Raidou), Story Mode progress, movies, system voices, music, and the OMG breast motion setting	L1+R1+L2+R2.