I was just reading all the bluebook reports from the time period. Apparently, the videos don't quite capture much of what was in those documents. Just some tidbits:

1) The conclusion of Bluebook was astronomical (and one weather balloon) and atmospheric conditions for radar. The report summary reads:

Tower operator first noticed flashing lights. Objects appeared to have elevation of between 20 and 45 degrees and azimuth of 050 to 075 (Astrophotographer note: during the tape all sorts of azimuths are report including 135-145 degrees). Of the 7 objects reported visually, 4 persisted longer. The objects seemed to be in formation and they varied in their flight paths. Their main change was in altitude. They appeared to hover and then rise in a near vertical direction. These objects looked like all the other stars and after a while they just seemed to blend in with the other stars. The other 3 objects just gradually faded from view after a short time. Radar contacts came from relatively dispersed areas. All the contacts obtained were difficult to hold because of slow speeds involved. The height finidng radar similarly had little luck in giving valid changes in alt. There was no overall discernable pattern to the flight paths of the objects when considered as a whole.

2) the time/date reads 7 October 1965 at 0833Z on the master report but the another page says 0133Z. The events appear to have transpired over several hours.

3) The comments of the reporting officer are important:

It was approximately 1000Z (0300 PDT) when I arrived at Edwards base operations. The activity level had subsided by that time but the tower operator still claimed to hold flashing lights on two of the four objects under observation. I was able to observe the objects but I cannot positively say that I saw flashing lights. The objects looked like ordinary stars. One of the objects pointed out was very brilliant but not as brilliant as to preclude it being a star. At times a couple of the objects did seem to flicker but I certainly saw no distince intermittent flashing. I should mention here that what I observed was at the tail end of the activity and according to the observers was not representative of what they had seen earlier.

4) Some important data from the tape. At one point the amount of motion reported is 1/2 degree in 6 minutes. That is roughly 5 degrees an hour (normal motion for equatorial stars is 15 degrees per hour). Considering the ability for error, it seems the motion of the UFOs was very similar to the motion of the stars.

5) Late in the tape there is a report of one object passing over the runway. This turned out to be a weather balloon which had been released from Edwards weather station at 1200Z.

6) some important tape statements by the tower operator (the key witness to this event in the videos)

"Biggest object has moved...Elevation of brightest star is 45 deg...has had good visual contact for over 2 hours...Most prominent object has azimuth of 135 deg at 15-20 miles - it is very high and getting dimmer....Hold 3 objects in a row at 145 deg
One at 135 deg azimuth is much brighter and higher than the others. Large bright one is left and above the other three" (note: this could be Orion's belt and the star Betelgeuse or Jupiter, which was above Betelgeuse at the time in the foot of Gemini).

7) on the tape there are comments by Capt clark, (det.1, alert pilot at Edwards) "look like stars to me"

8) During intercept the following occurs

Tower operator: Interceptor has gone past and is too low
Radar: Aircraft if climbing to 40000 ft. Possible contact on search radar at 075.
Tower operator: Have one at 075 and high.
Radar: Aircraft is passing over the tower and is still low at 40,000 ft.Aircraft reports "Looks like one bright shiny star."

The whole thing sounds a lot like scintillating stars triggering the report. The effort of the tower operator to guide the interceptor towards the UFOs sounds a lot like the efforts of policemen to guide an aircraft towards planet Venus in case 37 of the Condon study. There are some problems with getting the stars and positions reported right. However, the testimony of the tape seems to indicate stars and maybe Jupiter as the cause of some of the events. There also may have been confusion wth Orion's belt at one point.

You can read the documents at http://www.www.nicap.org/docs/edwards_docs2.pdf. They are far superior to some biased UFO video. At least one can look at the raw information and transcripts.