Yup, it's pretty cool. This was one of the most impressive demo's my physics professor did in our freshman physics class. The point is that as the magnet is falling through the copper tube it creates an electric current which then creates a magnetic field in the opposite direction of the magnet's movement. In other words, this is the practical application of the Right Hand Rule [1]. Two fun facts about it: first, if…
Any non-magnetic conducting substance that is. Otherwise the magnet will just stick to the tube wall.