This is still being discussed?
The video is very impressive, and I would vote for UFO.
I can't 100% identify it. It seems to be flying. It is definitely an object of some type.
Flying over L.A. makes me think it was some kind of floating ad banner that broke loose from its mooring. I don't see the flashing object as a
light, but more like a reflector - intentional or otherwise. It is on one side, and randomly flashes as though reflecting sunlight.
The object apears to be wafting along in the breeze. The changes in shape are consistent with random air resistance. One tipoff is that the object
appears to remain on a level plane, as opposed to shifting to a vertical position.
I found this assortment of kites on a personal website.
Depending on the weight of the kite, and the speed of the wind, the object would float along much like the one in the video, but I think it would also
tend to fall when the wind speed dropped.
It could also have been a sky tube loaded up with helium balloons and trailing a shiny sign from one end.
Here is a place that sells the tubes.
Right now, that's my best take on whatever it was.
No evidence of extraterrestrial origin, but plenty weird looking.
I also see no evidence of it moving under any kind of power other than that of the wind.
When I retire, I will probably spend some of my free time making UFOs just for the hell of it.
I used to do a lot of that when I was much younger, and I would go into some detail about a few of my creations here, but the statute of limitations
has not run out on all of them yet