The magnetical (is that right spelled?) and the electrical field would stop the ensemble. Because you loose the friction in space, but not the fundamental physics.
The energy will be transformed to other forms. So after all there won´t be any kinematic energy.

I should not try to be a smart ass in english...

However you are right that this system can save a lot of energy. Take for example vehicles like these:
http://en.wikipedia.org/wiki/Gyrobus