Wow! This looks authentic, and no obvious CGI going on. I think that the cheesy 'Star Trek' effects with the newsman cheapened it though and were totally uncalled for. I really grow weary of the 'news as entertainment' aspect too, and it is all too common these days, but that is another story...The UFO is truly an unidentified flying object, and I would give it a grade A.
This video has already been posted in the Out There section, late last April, http://tinyurl.com/69buy23, so I'll just copy/paste my response from then:
"Unfortunately, Mr. Hill's assumption that these objects are not moving is incorrect: in the closing segment (before the anchor goes and beams himself), if you place your mouse cursor on the light as a reference point, you can see that the light is indeed moving up and to the left. If the object is the size of a commercial aircraft and it's landing lights are facing in the direction of the camera, then it's movement is consistent with an otherwise mundane commercial airliner. And, once again, red and green running lights, etc...
On a more incredulous note, I'm still baffled as to why many people insist on looking at life through a camera, rather than through binoculars..."
I also see this exact same phenomenon coming in over Lake Ontario on a nightly basis, but since I live closer to their flight pattern, I can see them up close and tell that they're just airliners. Perhaps I should shoot some (properly focused!) footage for comparison...