Now, Roland Watson of the Loch Ness Monster blog has an interesting new post regarding this film, in which he mentions:
"As readers will recall, an unusual video clip of a long necked object was filmed by Urquhart Bay back on May 7th. Since a photograph of a clear fake Nessie head and neck was photographed on the same day in the same area, it was surmised that someone was playing a game or conducting some kind of eyewitness perception test. The path the 'Nessie' pursues would take it to the area where the photo of the fake neck was snapped.
"The other mystery was who the occupant of the boat was who has still not come forward to give us their view on what they saw at close range. So, it was all a bit of a mystery as to what was going on. However, I have one candidate for all this and it is Lone Wolf Media who were filming for a Loch Ness Monster and others documentary. This was mentioned in the Inverness Courier and I note that they were in Inverness certainly no later than 10th May going by this Facebook entry. That was just three days after the video footage."
So yeah, this most definitely is not a real Nessie but it also is probably not meant to be a "hoax." I'm betting that the person on the boat going by is the one who took the picture (below) and that they were probably working with some film crew.
If more comes up on this, I'll update things.