When I effect myself with reverse levitation (levitation multiplier 128+), and I walk off a cliff, I fall slowly as normal. The one problem is that my velocity is still being effected by gravity, and when I hit the ground, I take fall damage as if I had been falling for a long time.

To replicate:
1. Open up any world, and find a clear opening above you.
2. Change gamemode to 0 or 2.
3. Enter in '/effect @p levitation 1000 254'.
4. Enter in '/tp ~ ~5 ~'
5. Wait to hit ground.