I would be interested in hearing what would happen if the pipe was a superconductor, though - would the induced current be so strong that the magnet wouldn't drop at all?
http://www.physorg.com/news/2011-10-quantum-levitating-video...
Only somewhat; it's a different set-up, of course.
Diamagnetic materials create an equal field to what they are exposed to... Causing repulsion. In the case of superconducting, the field generated is very strong and why we can levitate any old magnet over a superconductor.
Levitating a frog (mostly water right?) takes some incredibly strong fields..... Liquid cooled bitter magnets etc....
Side note - rare earth supermagets are toxic. When they shatter, you dont want to ingest any of the bits/dust