Flashing lights captured over Champaign, Illinois
Allegedly filmed over Champaign, Illinois in May 2001 and recently uploaded to Youtube.
These lights hovered over the Market Street Apartments, moving in differnet formation till they were in the formation you see now on the video. Then in a very low, deep hum, the lights started to move very slowly north to Rantoul while flashes in different patterns and colors.
My first guess would be Chinese lanterns, but the flashing sure is new.