Always pejorative — connotes 'all show, no substance'. Got a second life as a 2005 Eason Chan (陈奕迅) Cantopop song 《浮夸》, the karaoke standard whose lyrics are about a craving to be seen even at the cost of looking ridiculous: 'so I have to be 浮夸'.
memory
浮 = floating (no roots) + 夸 = to boast. 'Floating boasting' = puffed up, hollow at the core.