The same footage can be seen here, brighter and considerably less "grainy" with music to boot, which suggests it is some form of "production" perhaps for a program about UFOs? Hoax? We'll leave it for you to decide. http://www.youtube.com/watch?v=YdyQu5Zx8xw . If it is a fake, it is a very well thought-out UFO design and action, and meshes very well with the lighting and background elements.
This is very fascinating footage. Providing that it is not entirely a hoax, it appears to resemble a quantum leap in 'Avrocar' saucer design and engineering, though certainly light years beyond anything ever revealed to the public.
There appears to be very distinct vents or flaps which open and retract when the craft needs to hover, accompanied by rotation of the entire craft. This seems to cease entirely, sort of "clutched out" when forward thrust takes over. There is no sign of a permanent upper canopy for an occupant or any sort of wing/tail guidance device. The craft also appears to be able to achieve extreme speeds in a matter of seconds, if the final moments of the video are to be believed.
Source: http://www.rense.com/
