I was actually wondering about the theory behind how it actually works
In a nutshell (without pictures, sorry):
Most lenses are optimised to photograph objects at infinity, i.e. when the object is so far away, that the light rays reflecting off it and entering the lens enter the lens as parallel rays of light. The lens elements are then designed to bend these rays of light in all sorts of weird and wonderful ways until they exit and hit the film, such that each *point* on the object being photographed is reproduced again as a *point* on the film.
When you photograph something very close to the lens, the light rays entering the lens come in at an angle (no longer parallel) and thus do not play nice with the optical path in the lens, i.e. one may see less resolution, more abberations such as chromatic aberration, and less flatness of field (i.e. sharp in the centre of the frame, soft in the corners, even though the objects are at the ame distance).
A 'floating element' is simply one of the lens elements which is designed to, at close focusing distances, correct some of these abberations. Of course, the opposite would then happen with light rays coming in from a distant source, hence the need to adjust it based on focusing distance.
Most lenses with floating elements adjust it automatically (mechanically) because the lens knows how far it is focused, by virtue of turning a focusing ring. Since Mamiya RB lenses (like large format lenses) do not know how close they are focused, because the whole lens moves backwards and forwards on a lens board + bellows, they had to put a ring on the lens for you to turn yourself to dial in close-focus correction via the floating element.
As it so happens, the mamiya RB lenses are generally amazingly good, and a 6x7cm neg so big, that nobody has really been able to show the effect of the floating element, but if you are an absolutely perfectionist it's probably good to use it in anyway.
Hope that helps!