Yeah - you'll want to get the terminology right before the flaming begins -- you don't 'float' lifters; you float valves.
And floating the valves by itself often causes no permanent damage. The most frequent symptom is simply a loss of power at higher revs, or missing/spitting/popping/backfiring in the intake. Continually doing it is bad for the springs and valvetrain and can cause things to break. What often happens with valve float, especially on the exhaust valve is that the valve hangs open a bit too long, and the piston smacks it on the way through TDC. That's what breaks valves, holes pistons, bends valve stems/pushrods, etc. It's not the valve float per se that does the damage -- but the result on pistons hitting valves that aren't where they're supposed to be because the spring couldn't control the valve movement properly. It's also possible during a missed shift/over-rev to 'fling' the lifter off the top of the lobe with enough force to cause spring bind -- that can break springs -- which often lets keepers/retainers go, valves drop into the cylinder, pistons smack them --- and much fun ensues.