Long Form Design

Wanted to evaluate between traditional 2clm approach vs, multi colmn floating label approach. The intent here is to reduce scroll for long forms, grouping, easy viewing. This is not a web app form, rather partial view from an enterprise application with heavy data entry.

Actual size Links:
Multi Clm: http://spotpack.com/form-design-multi-column.jpg
Two Clm : http://spotpack.com/form-design-two-column.jpg

Share your views. Thanks.