Wikipedia discusses it pretty well (see below).
After reading that, I would ask why would you (or anyone else) want a semi floating axle?
[edit] Full-floating
The full-floating design is typically used in most 3/4 and 1-ton light trucks, medium duty trucks and heavy-duty trucks, as well as most agricultural applications, such as large tractors and combines. There are a few exceptions, such as many Land-Rover vehicles. A full-floating axle can be identified by a protruding hub to which the axle shaft flange is bolted. These axles can carry more weight than a semi-floating or non-floating axle assembly because the hubs have two bearings riding on a fixed spindle. The axle shafts themselves do not carry any weight; they serve only to transmit torque from the differential to the wheels. Full-floating axle shafts are retained by the aforementioned flange bolted to the hub, while the hub and bearings are retained on the spindle by a large nut.
[edit] Semi-floating
The semi-floating design carry the weight of the vehicle on the axle shaft itself; there is a single bearing at the end of the axle housing that carries the load from the axle and that the axle rotates through. With a semi-floating axle, the axles themselves serve as the inner bearing race and are retained by c-clips that are in the differential carrier. This design is found under most 1/2 ton and lighter trucks and SUV's.
I know what a full-floater is, I should have phrased my question differently. I'm wondering why he wants a full-floater, seeing as his '78 FJ40 is almost perfect and awesome in its stock-ness.
I'll have to look into that if I happen to end up with a drum brake front axle.
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