a missle, given the past year, would not surprise me in the least.
That's what my boyfriend (engineer working with the FAA) says. His theory is that, because of the solar flare storm going on (solar flares can mess with radar and other equipment), NORAD picked up something on radar that actually wasn't there. The F-16's saw it on their radar, too, and fired on it, only to have it 'vanish' a few minutes later.
Given the visual desciprtions in this story, his theory sounds very likely. Missiles travel much faster than F-16s, and would certainly appear to be 'outrunning' them. I wonder where the missile ended up, though....