Instructions
Walk across the bridge until Cloud begins to fall through a crack in it. When Cloud falls through it, the screen will shift to an overhead view.
Hold either "Left" or "Right" on the D-Pad as Cloud is falling. Press "Right" to get the Star Pendant. Press "Left" to get the Wizard Staff.
Tap the "O" button on the controller as quickly as you can. Tapping the "O" button as he falls will allow him to collect one of two items when he climbs back up the bridge.
Press the D-Pad's "UP" button to climb up the ladder. As Cloud climbs, he will come across the item. Crawl over it to collect it.