A questiong regarding the psychic power "Float". There is a cap of 5m on this power, does that mean I can float a total of 5m per round, or is it 5m period, or is it just 5m off the ground?

Example in last nights game:

I cast float. Step over hole and float down 3m. The hole extends 8m down to the ground, so I am currently 5m off the ground. I then in a later round decide im going to float back up through the hole, 3m away. I am informed I cannot move up any further, as I am currently 5m off the ground, and that is as far as I can "rise" according to the ambiguously worded entry.

Any thoughts?

Ultimately it's the GM's decision, and it sounds like he already made it.

The description of the power is, as you said, pretty vague. Even so, the intent seems clear enough: the power is intended to allow a psyker to levitate up to 5 metres above a surface that otherwise would have been supporting him, or to avoid impacting on such a surface if he's falling on to it (and can make the associated WP-10 test).

I would say that you can float 5 metres from the point of origin; so that's either 5 meters straight up, 5 meters out across a chasm, or.. whatever you end up with diagonally.

I treat this like how Maglev Grace is handled. You are floating "off the ground", and thus if you step over a hole you gently descend until you are once again 5 meters off the ground. If someone puts a descending pit underneath you, then you are greatly inconvenienced. It's unclear how this would treat Falling damage (since it's the stop that hurts), so clear it up with your GM before the next game. My instinct would be to allow you to gently float down, but s/he may say the power cuts out until you're 5 meters off the ground again.