I've watched quite a few UFO videos over the years but this is one still stands out as one of the most compelling. This is the info I've found about this footage: AVIANO UFO FOOTAGE FROM ITALY: This footage has been around for some time. It was released in the U.S. by researcher Paola Harris at the 36th Annual International MUFON Symposium in Denver, Colorado 2005. Paola lives in Italy and was given a fourth-generation copy by an anonymous source who told her the video was recorded in Aviano, Italy near the infamous Aviano Air Base, the center of a UFO controversy.
According to Paola Harris the original videographer remains unknown and the object seems to be terrestrial in origin, more properly some kind of military prototype remote-controlled. The feature in which the disc disappears at the end raises questions for the Italian researchers and Paola thinks the military may be involved.
Paola Harris mentioned that this was clearly a flight test since the videographer was in position focusing the camera where the disc appears initially. The object is not CGI. The footage was analyzed in Boulder, Colorado and they concluded this was a physical object most probably a remote control prototype. The case still remains inconclusive.