It is in the news so it must be true? Well, yes, it is true. To some extend.
The news channel in question seems to be FOX31 Denver (kdvr.com). I just grabbed the first video that came up A BETTER LOOK AT THE DENVER UFO SIGHTINGS NOVEMBER 2012 (Yes. all caps, sorry for that, not my spelling) and sliced it down into its single frames.
mplayer -nosound -vo jpeg:quality=100 A_BETTER_LOOK.webm
I most probably found the worst resolution of that video, only 320×240, but even that tiny snippet is still enough to support the insect/bug hypothesis.
I used GIMP 2.6.10 with the “Iterated Refocus” plugin with the following settings:
frame 492 radius:2.00;noise:10,000;iter.:200;boundary:periodical
frame 698 radius:2.25;noise:10,000;iter.:100;boundary:periodical
frame 700 radius:10.00;noise:1,000;iter.:100;boundary:periodical
frame 1338 radius:1.75;noise:10,000;iter.:100;boundary:periodical
frame 1474 radius:7.00;noise:10,000;iter.:100;boundary:mirror
frame 2478 radius:7.00;noise:10,000;iter.:100;boundary:mirror
frame 3480 radius:5.00;noise:10,000;iter.:100;boundary:mirror
This results in the following pictures.
The big images are just the small ones scaled up to 256×256. I apologize for the messed up table but put all four pictures in one line got too wide, so I split the lines in the middle.
The number is the number of the frame of the video
“ref.” means “refocused”
“raw” means “raw frame”
It would be way better with the raw material right out of the camera but even with this poor data the results are sufficient to give support to the assumption that these UFOs were just flying arthropods, you can see the legs and antennae and in one case even a pattern.