I see this description a lot on how a yo plays…what exactly does it mean?
It means that the yoyo plays lighter on the string then yoyos in it’s general weight range usually do.
In other words, the yoyo feels like it has more “hang time” when you tug it into the air, hence the use of the word float.
That’s just my definition, other will probably have a different one.
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No one truly knows 
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A throw that feels heavy in the hand, but light on the string can be referred to as “floaty” but overall it’s a whishy washy vagueness that sounds good but is mostly hollow and lacks substance as there is no clear definition. Like “art.” I cannot tell you what art is, but we know it when we see it.
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The definition is up to the user which makes it very ambiguous even though it is widely used.
Much like the word “cool”.
For example: Some people would say Justin Beiber is cool.
They are fools, but since they are determining the definition of the word as they use it, it could be true for them.
You mean Justin Beiber isn’t cool? :o
Now I gotta go find that guy I sold all my Zeppelin albums to
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I prefer Elephark’s definition of the word.
Floaty is a cautionary term which warns you to not listen to the individual using it.
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There is no way on earth that a yoyo (or any physical entity) can have longer ‘hang time’, unless you alter gravity or utilize air.
I’ve found that some people actually use the word ‘floaty’ to describe totally the opposite phenomenon.
It’s like when someone say something is ‘lighter’ because it has less weight, and other people say something is ‘lighter’ because it has more weight.
For me, floaty simply means lack of rim weight compared to the total weight, and it’s relative. It’s the opposite of solid which is more rim weight compared to the total weight, and it’s also relative. Example floaty: Yoyojam Phenom, example solid: Yoyorecreation Draupnir.
But at this point, it’s better to ask the person to explain what he/she means by floaty in their context, or simply ignore it whenever someone used this word.
You’re bad.
I mean, ‘Michael Jackson’ bad.
That was amazing - yet so rizki :
That’s an overkill buck.
I used to laugh at the word ‘floaty’ but I don’t mind it so much now. In fact, I’m kind of a believer. 
Just because it is impossible to measure and may be experienced differently from user to user, it doesn’t stand for concrete evidence that it doesn’t really exist, or only exists as a psychological phenomenon.
Whenever I throw my Japan Technology FiReal, I believe the float is real.
However, I wouldn’t use the term too readily.
Lighter feel on the string compared to other yo-yos.
Could be a combination of factors such as shape or density or size, and not just the weight of the yo-yo.
It’s definitely a term that people who have been doing this a while can experience without a valid description.
Less rim weight (not necessarily lack) may be pretty close or exactly right. I don’t know 
I like floaty, and this ^^ is a close definition. Although… Elephark’s definition is funny, it’s akin to Steve Albini on “warmth” in audio recording.
The weird thing is that I would think “less rim weight” also, but the original Peak was pretty much considered the definition of floaty and it has massive rim weight. That massive rim weight on the very outer rim on the old Peak is also balanced by a hefty dose of center weight (and both are dialed back on the Peak 2 - see “let’s cut a yoyo” youtube comparison of old Peak vs Peak 2 cross-section - which to me is less floaty). Also Elephark likes the Peak, so whether or not he likes “floaty” as a term, he likes a floaty yoyo 
So… it seems that it’s not just more/less rim weight that makes floaty-ness. Certainly, it’s gotta be weight placement but it’s also the density (total weight vs. total size of the yoyo).
To me, floaty describes a yoyo that can be played fast or slow and also plays lighter than you would expect given its density. As far as I can tell, this can be achieved by placing the weight in the middle of the rim and/or evenly distributing the weight (not the outer rim or the center of the yoyo), or by balancing rim weight with center weight (a la the old Peaks). An old school yoyo with IRG and big axle is a good starting point for floaty, basically. Also hybrid plastics like the Protostar and Northstar were pretty floaty.
Not floaty: lightweight, heavy, small, center weight, aggressive v shape with rim weight, solid on the string, only fast, only slow
Floaty: Describes a yoyo that is lighter in play than expected based on its weight alone. Medium weight and/or density, medium size or bigger, balanced weight distribution. Plays fast or slow. Boring on paper, but versatile in play and an everyday carry.
nerd emoji
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I did not believe “floaty” was a thing until I got a Grail.*
Now, as the Monkees once said, I’m a believer! 
* yes, the grail really is that good