Thanks for the suggestion, Jake! Taking away jqfloat did help a lot. I'm using another method and very close to what I want, yay!
http://jsfiddle.net/mJj7U/81/My only issue now is that the resize and opacity animations aren't happening at the same time. It'll do resize, then opacity, then resize, then opacity, and so on. But I'm trying to get them to animate simultaneously, on top of one another, with different speeds.
queue:false Isn't working. I'm actually not that familiar with 'queue:false' and not entirely confident if I'm using it right. Sometimes it breaks the loop, depending on where I put it, and other times, like now, it just doesn't work. Maybe it's for something else and I'm just derp?