Awesome stuff to watch. Use would be confined to the ability to control it. If you could magnetize the hull of a ship, for instance, and then control the pattern of the magnetism on the ship's hull, you could coat it with this heavy ferofluid, and make a coating that would be ultra smooth, barnacle resistant, and could change texture as needed to increase laminar flow. You might even be able to thicken it as a buffer in certain areas in case of ice or other collisions, or along the sides while in dock.