This was posted before and as I said then I say again. This is entirely computer graphics.

A light source that bright doesn't fade to a black dot throughout the video.

The surroundings lack the luminosity such a bright object would have.

Also lens flare would not show up here.

and I said something like "looks like someone was just filming a nice sunset, and decided to muck about with it later".

I disagree, very probably real- I've seen a big meteor, and it flickered and flared much like this. However, video is mis-labeled, not a meteorite.

Tags changed from "metorite, shooting star, big, cool" to "metor, shooting star, big, cool,real" by gold star member therealblankman.

I agree that it should flicker. But it doesn't fade to black.

directed by Steven Spielberg...

http://www.int.iol.co.za/index.php?set_id=1&click_id=29&art_id=qw1159129802724U212

Space shuttle. This is also posted on Digg.

EDIT:
@FARHAD, True, this may not be related. The Digg discussion also contained links to the shuttle's flight path (http://www.nasa.gov/images/content/158389main_KSC187_long.gif) and where it relates to Guadalajara (http://maps.google.com/maps?hl=en&safe=off&q=guadalajara,+mx&ie=UTF8&z=4&ll=22.024546,-100.371094&spn=38.172601,107.666016&om=1&iwloc=A).

This is not proof, merely a possible interpretation.

I don't see how using a website based in South Africa to settle something that happened in Mexico is really credible. Not to mention that it was Cancun, Mexico and not Guadalajara, Mexico. So you are probably citing a connection between separate events.

Furthermore space shuttles don't bloody burn up when they go in, they meet stiff air resistance that creates frictional heat, if they were burning up that means they are all dead and it's debris hitting earth that would be shattered into a million pieces. Watch any NASA re-entry and clearly the thing doesn't look like a ball of fire going through the sky. The entire science of rocketry is based on working out the optimum angles of exit and re-entry into the atmosphere, go too high angle-wise and you overshoot and don't make it in wasting fuel, go too low angle-wise and you hit the atmosphere so hard that it just destroys your shuttle.

This is how stuff like alien abduction, UFOs stealing cows, Bigfoot, and La Chupacabra (personal favorite) get started...