I discovered this glitch last year so I'm gonna explain it elaborately now:
In SFIII New Generation, with Ibuki, if you hold Forward while doing her air HP>F+MK target combo on airborne opponent, one of 2 glitches will happen:
First glitch - Instead of air F+MK, standing or crouching move move will come out. After your standing or crouching attack animation is over, she will be able to walk in mid air. While walking in mid air, you cannot use normal attacks. You can:
- Use SA1 (no jump required) and she will get down on ground normally.
- Use UOH and she will teleport to the ground level if she was high enough in the air.
- Use Kunai (no jump required) and then another glitch happens: she will float to right or left side of screen (depending whether you pressed left or right before you did Kunai), and then she throws Kunai, rotates few times, waits for around 5 seconds, and repeats those steps until she is hit. If she wins with this Kunai glitch, opponent will be down, but round will never end. The only way to use Kunai to get on ground normally is to not walk left or right, and then you input QCF+P very quickly (you mustn't hold forward for more than 2 frames).
- You can Jump (and land normally), but to get glitched Jump, you must input Jump+Attack quickly and it will make Ibuki land straight to the ground, unless you pressed left or right before that (that would make her float to left or right side of screen). If she was air standing close to ground, she will jump attack down quickly, like when she speeds up while descending from jump. If she was higher in the air, she will jump attack straight down, but normal speed.
More about what happens when she floats: it happens when you press left or right before you tried Jump+Attack trick. If you use air LP, her arm will be stretched until it hits or gets parried, and then she will be back in air standing position after about 5 seconds. She can also get back into air standing position if she does air target combo (even if 2nd move doesn't hit) which works only if you press forward or backward while attacking (to get jump forward/backward version of air move because air target combo cannot be done from neutral jump attack version). If her air attack was parried while she was floating forward, she will be float to the opposite direction quickly. If it was parried while she was floating backward, she will continue to float backward, but in very slow speed. If both attacks in her air target combo are parried by opponent, then she slows down even more (and stops because target combo was used). If you get your move parried by opponent again after she recovers into air standing position, then she slows down even more. Eventually, after about 8 parries (9 parries if you used LP>F+HP or HP>F+MK target combo), where you don't press left or right when you air stand again, she slows down to the point where she stops floating backwards and floats in one place.
- Parry: Parrying forward makes her float backward. Parrying down after pressing left makes her float backward slowly. Parrying down after pressing right makes her float forward. Parrying down without pressing left or right before that will make her bounce parry as she would normally do, but once she lands on ground she will be stuck in standing stance for few seconds (depending what move you parried), and then she turns around. This happens unless she did air move while landing on ground (in that case her controls won't be locked).
If you attack while floating you won't be able to parry anymore (just like you wouldn't be able after normal jump). If you do air LP, her arm will be stretched until her move hits or gets parried, and after that she will be back to air walking position after about 5 seconds. She can also get back into air standing position by doing any air target combo while floating (it doesn't even need to hit), which may be difficult because she air attacks with neutral jump moves, unless move is done in first 3 frame, then she does jump forward version.

The move that comes out instead of air F+MK depends on what move you did before you tried that air target combo glitch. Example - You do close HP, and (whether it hits or not) your move that replaces air F+MK will be Ibuki's c.HK. Against CPU, instead of F+MK I got falling down/getting hit animation, so that's possible too.
If you look at her shadow while air walking you will notice that it's smaller, like she's in the air.
- You can air throw, and then she will go back to the ground normally.
- When she tries to block, she will have blocking animation, but she will get hit anyway. Ibuki does take more damage if she was crouching in the air, but she recieves normal damage if she was crouch blocking.
Second glitch - If you don't do any move before trying HP>F+MK glitch OR you do specific move which doesn't affect air F+MK behavior (remember that doing specific moves replaces air F+MK with another one) and then you try air target combo glitch, the game will freeze (BGM still plays though). You can load game from various matchups and then you can try various glitchy stuff. One thing is common in any match after this glitch is performed - your opponent cannot be hit. When you perform moves while game is glitched, you will get various sounds for various moves. These sounds are different for all characters.
After this freeze, you can start match by resetting game, and you can only play certain matchups (example - anyone can fight Sean, but not Yun), but you will go right through opponent like he wasn't even there (hitboxes cannot be seen), which is opposite to loading a match, where you can't jump over some characters because hitboxes are glitched too.

Throwing Kunai crashes emulator when it hits the ground, but you can throw it off the screen to prevent that. Doing SA1 crashes emulator when screen flashes.
After game freezes, when trying to start un-startable matchup (Ibuki vs Yun for example), game will freeze on character fight introduction intro, and when you load match after this 2nd game freeze (because you can't start match after reset anymore), your character will be frozen when you try to perform a move. You can walk, but you actually look like you slide while standing. Jumping and dashing freezes your character too. You can only jump by pressing Jump+Attack quickly, and then you will jump while displaying first sprite frame of move you used. Also, sprites are very glitched; Ibuki crouches but her ponytail stays in standing position. Background characters are also frozen.
