I haven't popped a 206 float in the air, only once in a As350, but I have done a few circuits with the floats blown up and it felt very similar to fixed floats. i.e. no problem. The As350 flew normally, so basically it made little difference.
The tendancy is to blow the floats too low. Obviously if you can hover, then blow them in the hover. However general practice if in auto is to blow them early, by 350 to 500 ft or so, then you have plenty of time to get the machine sorted out so that you can concentrate on the landing.
