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Update: Looks like it is a confirmed fake by VFX artist Justin Martinez.
After watching jmart714's video entitled "Airplane Abducted By UFO: Caught On Tape" I became curious to see what information could be gleaned from closer examination. This video includes a stabilization, stabilization with zoom, motion comparison as well as an inverted stabilized zoom. I hope this helps those interested get a better look at what is going on. I am eager to see what other's make of it.
For posterity's sake I have included the untouched footage at the end of the video, as well as jmart714's original description below.
"The airplane was approaching Davis Monthan Air Force Base in Tucson Arizona at approximately 4:15PM MST on August 8th, 2009. We first witnessed the object hovering in a locked position, southwest of the base. We thought it was a balloon, until it dropped in elevation a few thousand feet in less then a second. At that point I ran inside and grabbed my digital camera and rushed outside in time to catch the object approaching the airplane from behind. Unfortunately the microphone barely works on the camera, from being dropped so many times, so you can't hear much. But at least there is a little. The object made no sound, completely silent.
There was an attempt to take the video to the media, unfortunately, every affiliate rejected the video due to lack of evidence. There was no report in the city of a missing airplane, nor did the Air Force Base report anything missing. Many of the news affiliates did confirm that they had received calls on August 8th from various sources, claiming they had seen a UFO. They said that they receive calls on a regular basis dealing with UFOs all the time, as well as many hoax videos, and there was no reason to believe my video was anything different. They refused to believe that the Air Force base would withhold information about a missing airplane.
I'm hoping that more videos surface to confirm this object was real. We live within a mile of the base, so I don't know how many people witnessed the event."