"[6] Original pressings had a version of the title track that incorporated the lyrics and melody of Elvis Presley's "Can't Help Falling in Love.

In the summer of 1995, Jason Pierce and Sean Cook entered Moles Studio in Bath, England, to start work on demo recordings with resident engineer Trevor Curwen.

[8] With the basic framework intact, Pierce moved the project to London to work with producer and engineer Darren Allison (My Bloody Valentine) on the recording of vocals, guitars, keyboards, gospel choir and brass section at The Church Studios.

[8] With the mixing phase complete, Pierce concentrated on post-production and editing with Mads Bjerke, and Ray Staff at Whitfield Street Studios took charge of the mastering process.

A special edition of the album was packaged in a box designed to resemble prescription medicine, complete with a booklet containing "dosage advice" and a foil blister pack containing the CD.

"[32] Paul Moody of NME hailed the album as "a seismic tour de force" and found that Pierce had managed to draw upon "an army" of musical influences and "create an entirely new noise out of the wreckage.

"[25] Roy Wilkinson, writing for Select, highlighted its more elaborate instrumentation and production compared to Spiritualized's earlier work, calling the album "a remarkable testimony to Pierce's vision.

"[30] Dan Glaister commented in The Guardian that "Pierce delivers a work that comes close to capturing the spirit ... the scale, the beauty and impact" of the Beatles' Sgt.

[22] Los Angeles Times critic Steve Hochman wrote that "Floating essentially recycles, refines and expands on the key elements" of previous Spiritualized albums, but "the mix has evolved to a higher plane on which Pierce has constructed a symphonic arc that plays out almost continuously over 70-plus minutes of ebb and flow through structured songs, ambient drift and static, noisy release.

"[23] In Rolling Stone, Neva Chonin described the album as musically "a study in graceful synthesis", while also lauding the "human core" of its lyrics: "Both ethereal and earthy, Ladies and Gentlemen We Are Floating in Space doesn't try to hide its uglier aspects – which, in the end, is what makes it so damn gorgeous.

"[28] Although finding it "monotonous" at times, Rob Brunner of Entertainment Weekly concluded that "Memphis-soul horns, blues harmonica, and gospel singing keep the songs from drifting away altogether.

"[21] The Village Voice's Robert Christgau considered the album "refreshingly short on the fatalism pawned off as wisdom by the Verve and depressive if impressive Radiohead",[33] later awarding it a "one-star honorable mention".

In October and December 2009, Spiritualized performed Ladies and Gentlemen We Are Floating in Space live in its entirety as part of the All Tomorrow's Parties-curated Don't Look Back concert series.

[48] Reviewing the reissue, Pitchfork critic Grayson Haver Currin wrote that on Ladies and Gentlemen We Are Floating in Space, Pierce "unequivocally reached the height of his recorded powers.