Then he holds the pipe vertical and drops the magnet down the middle. Five seconds later it falls out the bottom.
This is a very common demonstration in science museum lectures.
Another fun thing often done with eddy currents is to build a large transformer with a long vertical pole-piece and lay aluminum rings on the top of the transformer. When you apply current to the coil, the ring shoots up in the air. I've seen Youtube videos where the rings reach 10-15 m; I think that one charged up a large capacitor bank to something like 750V DC and discharged it into the coil.
One practical application of this effect is the linear induction motor. My all-time favorite amusement park ride,
Superman: The Escape, accelerates a car from 0-100 mph (0-44.7 m/s) in 7 s (6.4 m/s
2, 0.65 g).
Actually, I'm not totally sure that this ride uses the linear induction motor or the closely related linear synchronous motor, with a permanent magnet rather than a non-magnetic metal plate.