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A Full floating axle is one that does not support any weight from the truck by the axle shafts. Extra bearings and such keep the weight off the axle shaft. These are much stronger than their opposite, semi-float. Semi floaters have a portion of the vehicles weight on the axle shafts as well as the axle tubes/housing.
Higher load limit, usually much stronger, and you will not lose your whole wheel if an axle shaft or C-clip breaks. If you are lucky, you can even drive it out with 3 wheel drive if you have a locker.