Ok…
This one is a replica of the same thing found on levitated.net. However this one is made entirely from my own head, without looking at the source of the first. With that said, the code optimization of this is doubtful at best 
The particles are born randomly, and fade in while slowly finding their place near the cursor. the x/y values are defined at birth, so they form a path behind the cursor.
secondly, the particles drop and fade (and erases) at death. 2 deathmodes can be toggled by clicking the text in the lower left corner.
http://www.avalon-rev.dk/junk/particles/particles2.html
(this also only works in IE for some odd reason)
edit
Apparently only MY FF has issues with it :S )
