Well I've had the exact opposite experience. I germinated via this method, left the glass of water in a dark closet, and all the seeds that sunk never ended up sprouting, while the seeds that floated did. Todd McCormick's "How to Grow Medical Marijuana" grow book says explicitly that you can expect bad seeds to sink, though with there being exceptions, you shouldn't be too quick to throw away seeds.
But if you just stop to think about it for a second, it makes no sense to think that a healthy seed would be more likely to sink than a bad seed. A seed that is especially dense because it's all shell and hasn't developed a healthy embryo is going to sink, or even a seed with an especially think shell, making it harder for the embryo to break out of the shell and therefor less likely to successfully germinate is more likely to sink then a healthy seed with a light shell as a fully formed less dense embryo. It's just common sense.
So while it's obviously not a 100% reliable method for testing the health of a seed, it is correct to expect a healthy seed to be more likely to float, not sink.