Defeat the game in Arcade mode on the Very Hard setting. After defeating the game, you can knock Honey's skirt off when you knock off her lower armor, revealing a lovely "Aeon Flux" G-string.

You can only do this in matches played in Arcade mode, and selecting another mode will cancel out the code, but as long as you stay in Arcade mode, you can still do it, even if you lose, choose another character, or play a two-player match (just not in Vs. mode!!). You must redo this code each time your Saturn has been turned off.

Hint: This will work even with "No Damage" selected.