Character Cross

APL (37 35 34 27)

↑{∊2↑¨⍵↑¨I}¨↓(+∨⌽)∘.=⍨⍳⍴I←⍞

It takes input from the keyboard, like so:

      ↑{∊2↑¨⍵↑¨I}¨↓(+∨⌽)∘.=⍨⍳⍴I←⍞
CODE-GOLF
C               F 
  O           L   
    D       O     
      E   G       
        -         
      E   G       
    D       O     
  O           L   
C               F 

Python 2 - 94 90 89 88

s=input()
L=len(s)
R=range(L)
for i in R:print" ".join([s[j]," "][j!=i!=L+~j]for j in R)

Input:

"CODE-GOLF"

Output:

C               F
  O           L  
    D       O    
      E   G      
        -        
      E   G      
    D       O    
  O           L  
C               F

Pyth, 22

Vzjdm?@zd}N,dt-lzd\ Uz

Test:

$ pyth -c 'Vzjdm?@zd}N,dt-lzd\ Uz' <<< "CODE-GOLF"
C               F
  O           L  
    D       O    
      E   G      
        -        
      E   G      
    D       O    
  O           L  
C               F

Explanation:

(Implicit)                  z = input()
(Implicit)                  d = ' '
Vz                          for N in range(len(z)):
  jd                            print(d.join(
    m                               map(lambda d:
     ?@zd                                        z[d] if
         }N                                      N in
           ,dt-lzd                                    (d,len(z)-d-1) else
      \                                          " ",
     Uz                                          range(len(z)))))