I watched the exact same thing with my own eyes for at least ten minutes last night - totally missed the fireworks as they were going off because the "ufo" was flying around next to them. I was much closer to the one that we saw, and my kids (all four of them nine and younger) knew damn well what it was.

Alternating bright white spot light and dark red smaller light. Zipping around like a grocery bag in the wind, only there wasn't any wind. It would descend rapidly in a completely straight vertical line, then blast back up and roll all over the place. It disappeared right before the grand finale. Guess it didn't want to dodge an entire barrage of exploding fireworks.

I have read reports of people seeing these things last night all over the country at various fireworks displays.

It sure as hell wasn't a paper lantern. Or a remote controlled toy, or any other stupid thing that I have heard.