One of our best photography experts has weighed in on the side of this being a light on a boat. Here is his comment:

"Just measure the distance between the leading edge of the top light in the first and second pix. Let that distance equal 4.5 seconds. Then measure the length of the top light’s streak. That will tell you the shutter speed. Assuming Crowe is right about the frame rate, the  shutter speed seems just about right for a night exposure with a Canon 5D. And given that lens’s field of view, 8kph (max legal boat speed in that situation) works out just about right with a margin of error of, say, +/- 50%, max."
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This object appeared in Northern Italy recently. The video was posted on March 3, 2013. They have done enough work on the photograph to make it clear that it isn’t a bird or a plane, and probably not a known object at all. (As always seems to be the case, the added music track is a grave mistake, but watch it with the sound muted and it’s quite interesting.)
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