Take a look at Faradays Law. You are referring to an Axial Flux design. Two rotors of magnets rotating around a stator of coils. The answer is yes. The problem lies in generating the power to spin it. The real question is what amount is "usefull"? Home made axial flux designs are CAPAPABLE of 1000W. That is at MAX RPM. The entire principle of electricity generation involves moving magnets around a coil or vice versa. It IS how electricity is produced. Nuclear, Coal, Hydro, wind. All are forms of creating the power to move one of the objects around the other. What resistance are you referring to? Internal reisitance of the wire? Resistance of rotation? Also keeping the magnets stationary in this design creates more work, and also adds losses due to commutators.