I just confirmed we are planning on making the levitate bobbing a client toggle. I plan to go with options to show none, show others, show self & others.
This may be a UI option, or command, or possibly both. I can't see needing hotkeys for this so it will probably just be buried in the options window somewhere.
It has to be at a lower priority than the bugs I'm working on but it will be done before too long I hope because it would be a nice optimization for raids that use levitate.
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Eric Cosky - "Grumbuk"
Assistant Lead Programmer, EverQuest
Sony Online Entertainment