What do the cheats do?

@TheHighTower :

Cut Man - All Enemies (except Bosses) have knockback
Guts Man - You can only move when you are in the air
Ice Man - You fall faster when walking off ledges
Bomb Man - You keep jumping
Fire Man - MOVE
Elec Man - You shoot one Strong Thunder Beam instead of 3
Time Man - You can cancel Time Slow
Oil Man - Everyone (except Proto Man and everyone else with no mouth visible) loses their mouth
Metal Man - Everyone is weak to themselves
Air Man - You are always pushed to the left
Bubble Man - You're physics break unless you are in water
Quick Man - Yes
Crash Man - You always shoot after a jump (the shoot button forces you to jump but the jump button doesn't make you shoot)
Flash Man - Anything that blinks fast plays 10 Times more now
Heat Man - Get off the Floor
Wood Man - Projectiles can now shoot through your shield if the shield doesn't touch it

Edit:

Needle Man - A Certain part of you instantly kills you
Magnet Man - You are always pulled to the right (doesn't work when I-Push-U is on)
Gemini Man - Spawns a Clone of you but doesn't effect gameplay and also can't die
Hard Man - You can barely move
Top Man - You always spin (when on the ground, you T-Pose)
Snake Man - All Projectiles deal Multiple amounts of Damage overtime
Spark Man - Your weapons can't even kill anything (except the Bosses)
Shadow Man - You always shoot 2 of your weapon

Jesus... wait what are these cheats for?

@TheHighTower : When a Mega Man Complete Remake exists

Oh! Whats that?

@TheHighTower : A Remake of all 18 Mainline games in the Mega Man Classic Era in this order:

Mega Man
Mega Man 2
Mega Man I (Dr. Wily's Revenge)
Mega Man 3
Mega Man The Wily Wars (Wily Tower)
Mega Man II
Mega Man 4
Mega Man III
Mega Man 5
Mega Man IV
Mega Man V
Mega Man 6
Mega Man 7
Mega Man 8
Mega Man and Bass
Mega Man 9
Mega Man 10
Mega Man 11

So what do the new cheats do?

Bright Man: Flash Stopped PERMANENTLY freezes everything on screen unless you touch/shoot them
Toad Man: If you get hit then your charge/weapon is cancelled
Drill Man: You are now in the farthest layer
Pharaoh Man: Chargeable weapons can no longer charge
Ring Man: RRRRRRRRRRRRRIIIIIIIIIIIIIINNNNNNNNNNNNNNGGGGGGGGGGGGGG
Dust Man: Weapons on collision with enemies explode into pieces
Dive Man: Sliding does a Barrel Roll effect
Skull Man: Taking more than 3 Damage per hit instantly kills you
Gravity Man: deppilF si ytivarG
Wave Man: You are always riding the Water Rider Item thing
Stone Man: Screen Clears now must be used far from enemies or they won't work
Gyro Man: Weapons Split on Collision to enemies
Star Man: Gravity is Low
Charge Man: You need to charge your slide now
Napalm Man: Every Weapon is multiplied by 10
Crystal Man: Weapons Bounce around
Blizzard Man: You continuously move in one direction on a ski
Centaur Man: All Enemies (except bosses excluding centaur man) appear out of nowhere
Flame Man: EVERYTHING BURNS
Knight Man: Shooting stops you but standing will block projectiles INFRONT of you
Plant Man: All Weapons heal you
Tomahawk Man: All Weapons Fly since they are covered in oil and water
Wind Man: You can hover in the air for 2 seconds
Yamato Man: Shooting blocks projectiles INFRONT of you
Freeze Man: Everything freezes to your weapons including yourself
Junk Man: Create a Block corresponding to your weapon
Burst Man: When you get hit, the weapon you are currently using is shot out A LOT automatically
Cloud Man: Getting hit makes you fall until you hit the ground
Spring Man: All Electrical Attacks effects you like Spring Man
Slash Man: Getting Hit makes you ANGRIIIIIIIIIIIIIIII
Shade Man: Suck the oil out of enemies to heal yourself
Turbo Man: Shooting will heat up your systems but don't overshoot or you will DIE

This is finally done (sort of)

Tengu Man: You are faster in the air
Astro Man: Standing still does something
Sword Man: You can only destroy enemies with their weaknesses, have fun
Clown Man: Every Enemy that dies says GEEKY
Search Man: Every Robot Master including you has 2 heads
Frost Man: Everything turns into an Ice Sculpture after being destroyed (no collision)
Grenade Man: Weapons that stop on walls cause an Earth Quake
Aqua Man: You become so handsome everything is dragged towards you
Tengu Man B: Replaces Tengu Blade with the Tengu Trap Attack from Mega Man 8
Astro Man B: It's a clone but in the air
Dynamo Man: You can heal yourself unless enemies destroy your healing machine
Cold Man: Create a cloud that dies instantly after touching an Enemies
Ground Man: You are above every Layer
Pirate Man: Weapons only work if you are in water
Burner Man: S P E E B
Magic Man: Enemies don't damage you but instead steals bolts from you
Concrete Man: Everything is weak to Concrete Shot
Tornado Man: Everything flies off screen when any wind weapon is used
Splash Woman: I'm sorry but I have the need to ignore Mega Man 8's swimming physics
Plug Man: Shadows Enabled
Jewel Man: If you shoot, everything jumps
Hornet Man: Weapons target anything
Magma Man: You are constantly being attempted to be melted by lava
Galaxy Man: You can fly but taking damage is bad
Blade Man: Enemies (except Robot Masters) become paralyzed after destroying them
Pump Man: You take damage from nothing, to heal, you need to take damage from enemies
Commando Man: Your weapon goes in the direction you set it to
Chill Man: Everything dies instantly because Spike
Sheep Man: Everything hops a bit sometimes
Strike Man: You miss 3 Times from shooting you die
Nitro Man: I don't feel safe
Solar Man: You are the Sun
Block Man: Everything is a Block Head
Fuse Man: Enemies can heal
Blast Man: You literally make art from Explosions
Acid Man: Lowers your chance of getting Bolts
Tundra Man: You move faster if you build up speed
Torch Man: Welcome to Street Fighter
Impact Man: Anything that has a Sharp Item will instantly kill you
Bounce Man: Ground, Walls, Ceilings, or any terrain is bouncy