In plain English that means whenever certain materials are made really cold, magnets can float over it - hovering for a long time, and even create an invisible field that allows you to lift objects as you can see in the video. In this experiment liquid nitrogen is used to cool the material to a very low temperature.
Imagine if roads were made of this stuff. You could strap magnets on cars and get them to fly. Flying cars, or flying people.. shoes - you name it, this at a mass scale can be something. Very coool.