The above video is "second-hand," taken from a broadcast. So I would not trust it very much. However, the following video posted to YouTube does appear to be first-hand, that is, directly from the news video. And it does indeed show the object, so I will assume that the object has not been added to the video or hoaxed in any way. So what is it?
It seemed likely that the object is the Goodyear blimp. As commenter Chris Jisi posted to the Examiner article above,
It's the Goodyear Blimp Spirit of Europe II, an American-made 130-foot-long "Lighship," which is lit by an internal bulb. With the Goodyear banner removed, as per the rules of the Olympics about no commercial advertising, it could look very much like a UFO.This sounds very convincing, but can we find any additional support for it? Let's look at the photos on the British website of the Goodyear Blimp, some of which are uploaded by Mobile users:
|Blimp Photo 1|
|Blimp Photo 2|
|Blimp Photo 3|
Case Closed: The object was the Goodyear Blimp.