Your eyes are not playing tricks on you — the snitch floats and rotates in mid air with the help of electromagnets. The illuminated base features the crests of each of the Hogwarts houses. (The lights can be turned off if that seems a bit much.) Overall the dimensions are 2″ x 6″ for the base, and 2.25″ x 7″ for the snitch itself.
Yes, Bradford Exchange stuff is pricy. It’s also licensed, limited edition, and everything comes with a certificate of authenticity.