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After selecting 'New Game' go to the 'Retro Password' entry screen and enter 'WE5T ONE' (without the quotes) to start as Hu-man with ALL hearts, full inventory, and 900k gold.
If you have version 1.0.3c or later you can access this feature by doing the following. If you hold down 'X' when selecting a difficulty eventually you will be given the option to play the game in Extreme difficulty.
If you rapidly press the ZR button you will be able to switch between Modern and Retro graphics. As the horizontal wipe effect moves back and forth it will gradually slow down and eventually freeze in place leaving the left of the screen in Modern mode and the right of the screen in Retro mode. How much of each side is present will depend on the timing of your button presses (this can be manipulated with practice).
At the 'Title' screen keep going all the way up until the title of the game is highlighted. If you then press 'Confirm' you will be allowed to switch between Wonder Boy and Wonder Girl.
Press ZL (The button to switch visual styles), then press it again to make the screen wipe go backwards. If you can keep the wipe on the screen long enough by making it go back and forth, it'll slow down and eventually stop in the middle, creating a cool effect.