The "film" looks like IR, and was probably taken at night. The enemy probably thought they were moving under cover of darkness. I'll take that over colour film any day (or night) of the week.
It was obviously taken through the targeting FLIR. Just before the bomb hits you see the image "rotate". This is because the bomb lags behind the aircraft, and thus the aircraft overflys, or at least reachs point of closest approach, before the bomb gets there. That "rotating" is the turrent on the FLIR pod tracking through "down". If it didn't rotate, the image wouild be "upside down, when looking backwards. The targeting pod was probably a LANTIRN pod, but if the F-16 was Reserve or Guard, it could have been a LITENING pod. LITENING is a design by Rafel of Israel, although built here by Northop-Gruman I sort of hope it was a LITENING pod. LANTIRN is by LockMart (And Raytheon(formerly Texas Instruments). I worked on the LANTIRN program for several years, but not on the Targeting Pod.