hairykrishna directs us to the latest edition of Physics World, which includes an article on Steorn's failed demo. Here are some interesting quotes:
The device consisted of a CD-sized plastic wheel adorned with 16 neodymium magnets that can rotate about two stationary magnets. After being given an initial push, the wheel was supposed to spin freely at about 250 revolutions per minute - not only overcoming air resistance and mechanical friction, but also lifting a small 10g mass.Sean McCarthy is also quoted as saying:
"If we were in the business of doing tricks," he says, "then the demonstration would have worked."