There has been a trend lately of apps being released that act more like traditional floating windows. LilyPad HD, OverSkeen, and AirTerm have all garnered a lot of interest, but they are single use apps. Floating Widget does just what its name suggests: it makes widgets float on top of your apps. The implementation is a little odd at first, but once you learn the rules, Floating Widget is useful in a number of situations.
If you like to spend your free time hacking around on your Android device, you've no doubt felt the sting of switching back and forth from the terminal. Now with AirTerm you can leave the terminal floating on top of whatever you're doing. This app comes from the same folks that brought you OverSkeen and AirCalc.
This is a true floating window that you can move, resize, and minimize while you work.