I think by far the most likely thing would be the assumption that such footage was a hoax. Since we know that special effects exist and there is no evidence that paranormal activity exists I wouldn't consider the supernatural a better explanation than the already familiar natural alternatives.
I admit this sets up something of a Catch 22 situation if all the evidence being presented is simply anecdotal or videotaped, we might be dismissing genuine phenomena, but there is a reason why people keep repeating that extraordinary claims require extraordinary evidence.
It is similar to the way that even when someone who specifically states that they aren't psychic and are using trickery replicates all the techniques or 'genuine' psychics there are still people who will claim that just because you can do it by trickery doesn't mean that that is how the 'genuine' psychics do it.
The argument may be correct but it really doesn't undercut the fact that these phenomena can be easily replicated by natural means.
TTFN,
WK
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