“Magnetic Bound State” is an effect where a permanent magnet can be “locked” into free-floating space when in the field of other rotating magnets. This is not new by any means, but it is not widely known in the field of magnetics.
This has many possible applications and the person you see in the video did not invent this concept but he gives a great overview and demonstration of the phenomena.
Keep in mind that if you try to experiment with this concept, you are doing so at your own risk and there is an obvious danger with high speed rotating magnets, rotors, motors, etc.
But if you do some of these experiments, share them on http://energeticforum.com