This may look like a bit of magic, but it is really just science! What you see happening here are the effects of Lenz's Law. In short, as the magnet falls it creates a current in the copper pipe. This creates a magnetic field in the copper. And as we all know, magnets have poles. Consequently, the field that is going through the copper repels the magnet, causing it to spin and slow in its descent, making it look as though it is gently hovering or floating through the copper.
It may sound boring, but it's pretty awesome to watch.