This is a video of a guy demonstrating Lenz's Law with neodymium magnets and a thick-ass copper tube. Why does the magnet fall so slowly? SCIENCE. Via Wikipedia because I suck at explaining things except 1) where babies come from and 2) RPG strategies.
Eddy currents (also called Foucault currents) are electric currents induced within conductors by a changing magnetic field in the conductor. These circulating eddies of current have inductance and thus induce magnetic fields. These fields can cause repulsion, attraction, propulsion, drag, and heating effects. The stronger the applied magnetic field, the greater the electrical conductivity of the conductor, and the faster the field changes, the greater the currents that are developed and the greater the fields produced.
See? It's actually pretty simple when you think about it. "You have no clue what's going on, do you?" If I find out there aren't little wizards in those magnets my head will explode.
Keep going for the video.
Thanks to carey, who once dropped a penny down a well with significantly different results.