I think he means if you get the "OoOoOoOoO" effect, which makes you hover over the ground. So, its like you were useing [Only registered and activated users can see links. ]
"Allows the caster to levitate, floating a few feet above the ground. While levitating, you will fall at a reduced speed and travel over water."
Yes, it is a fact - that you can travell fast over water, but it is no exploit