I did a search, and couldn't find any discussion on this subject (granted, I skimmed over 8 pages of forum blah-blah-blah, so I could have missed it).

Does levitating give the levitating object or ranged attackers a movement penalty? If so, how much?

Good question. The movement modifiers on page 112 only specify walking or running, and the spell description doesn't say it gives any penalties for actions, so technically there isn't a modifier.

However, in my group I'd rule that if you're moving and not merely hovering in place you'd still suffer movement penalties. Also keep in mind that if you're levitating yourself you've still got to sustain the spell.

No modifiers for movement as far as I can tell, but I'd give it a +1 modifier, the equivalent of walking.... especially if someone else is sustaining the spell on you.

If you are simply hovering (still) then no modifiers... however you are now a stationary target (-1 to hit *you*)

I would house rule levitate (and gecko crawl) to a walking rate of magic attribute and a running multiplier of spells force. Take the same movement penalties as somebody walking or running as appropriate.

Larger penaltys apply if your not the one controlling the spell.

Edward