Decided to spend the evening updating my floating label implementation, FloatLabelLayout, to match the Material Design spec.
The text growing/shrinking animation needs a bit more work but it's mostly there. I've also started using ViewCompat#animate() so that we're backwards compatible back to API v4 (although the animation will only work in API 14+).
Nice work. Your currently blitzing the font sprite atlas during the label animation. You can improve the resizing performance, would help on lower end devices. On the train home, but when I get in I'll fork the gist and show you what I'm on about.