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Several people already have pointed out that it is completely bloodless. The scene of the men lying on the ground is of people arrested, (or perhaps of people even posing being arrested, for all we know), not injured or dead. There is no blood on their clothing, heads, or anywhere, nor any visual damage to their bodies.

Another guy viewing the video says it is spliced together, with perhaps archive footage of a town in Bosnia - Pale.

You can download a 1.2 minute snippet here. http://www.ogrish.com/archives/six_bosnian_muslim_men_from_srebrenica_being_executed_on_video_Jun_02_2005.html
The segment that has been released is not raw. There is no blood. All shoots conveniently seem to obscured by soldiers at the crucial moment.
Interesting are the scenes of of Pale (including Orthodox Bishop). So it appears that the claim is that these troops were sent from Pale for the "massacre" - which doesnt particularly implicate Milosevic (personally I dont care about what happens to Milosevic either way).
If I was to guess I would say this was archival footage of Pale that was spliced into a reenactment.
You glimpse into the psychology of the video makers by the shoot they have of the road sign Pale that fills the screen for a couple of seconds.
This is a classic technique - it is indicative of someone trying to associate a massacre with an opposite faction. Rather than bona fide shot selection from an amateur cameraman.
People with good links to Bosnian Serbs ought to see if the filmed Pale footage is remembered by anyone.
But this segment has been spliced around - so you would need the raw footage.
http://www.milosevic-discussion.com/discussion/viewtopic.php?t=332