Fighter jets (Like the Navy HUD showed in the article?) have radars, targeting pods with high zoom, IR, TV, and laser-range-detectors, and fly in formation. These radars show the altitude and airspeed of anything they pick up. They also are always recording displays that would save this information.
My building's concierge loves talking about UFOs. I try to steer him towards articles etc on the latest exobiology info. Real stuff can capture that desire for something exotic just as well. Carl Sagan's The Demon-Haunted World is a great read for the psychology and history behind the UFO phenomenon.