I'm not going to explain how it works in any great detail, it's pretty much what you'd expect, super conducting magnets, both in the board and in the riding surface. Check out the Lexus Slide website if you want more detailed information.
There are two things that really impress with the Lexus hoverboard. Firstly, it's very close to the actual look, size and shape of a regular skateboard. Second, the specialized park they built to demonstrate it looks very close to a regular concrete skate park. The two together really enhance the idea that Marty McFly's future has finally arrived.
Unfortunately the Lexus hoverboard isn't yet all terrain (water excepted) like Marty's, so we're not really there yet but it's still a great achievement. You can actually experience what it's like to ride a real, working hoverboard, just like a skateboard with nothing but air between you and the ground.
I feel someday, someone is going to crack anti-gravity vehicles. When that happens we'll get a true hoverboard, flying cars and all manner of craft that can literally just float in mid air.
Somehow I'm not sure if magnets is the answer? At least not of the kind we know about with today's technology. Obviously there is a piece of the puzzle missing. Let's hope we find it soon.