The subject was never implemented or was removed, cut or altered at some point of its development, and this article pertains to its original implementation.
Hovering was originally a technique in Super Smash Flash 2 that could be performed by Tails. It was performed by jumping or going off-stage and then holding the jump input at any point while the player is in the air. This technique was very similar to floating in that it allows the user to fall more slowly and move faster sideways by holding the input. Unlike floating, however, the player cannot simultaneously hover and attack, instead cancelling the hovering until the attack is over. Tails was able to hover for an indefinite amount of time and was not restricted by his amount of midair jumps remaining.
For unknown reasons, this technique was removed entirely in Beta 1.0.3 of the demo. This was possibly due to it potentially overpowering Tails' recovery, as it allowed him to recover from anywhere he was sent thanks to the low fall speed and indefinite amount of time he could hover.