DAir DAir UAir is 3 hits all in 1 float
And the thing about floating is that you don't stay floating for everything, you use the float to maximize the potential of each attack, by forcing the spacing that is best for that attack. Other characters have to space their attacks, and time them out of a short hop/jump, meaning that there are only 2 times in a jump where that attack is correctly spaced---either the beginning of the jump, or right before they land. If you were to anticipate a spaced attack, you'd have one of these two areas to look out for. Peach can sit in the air at that perfect range and used spaced attacks when she wants to. It adds to the unpredictability of it, as she can delay the attack while waiting for the reaction, and punish accordingly. Its like MK can sit there, in the air, right next to you, and FAir when he sees an opening. All the while, he's mobile, and can regroup to his best advantage.
Otherwise, floating allows you to cancel a jump at any desired point, attacking and fastfalling out of that desired point to eliminate any unnecessary lag. Imagine marth, short-hopping to a low float, FAir'ing, and dropping/fastfalling to eliminate lag. It allows you to lower the time between jumping and landing, getting the must out of hitstun.
