None of the above.
Aces high uses a unique network code for its players who are all loged online.
For instance, the update rate of data send and given to a players computer, is all based on (range).
The closer the plane/object is to you, the more data will be sent and had by the target.
Therefor you will see a dot "gliching..warping..UFOING" from a long distance, when you get closer the (dot) changes to a LOD model, and the data start picking up speed.
"Remember the old dot bug? just a glitch between the switch over"
Possibly also the (dot) if at close range is probably just THC watching a dog fight, or another player (joined) on the other plane in question.
I did review the film, and i think it is..
1:A bug between the transition or someone with VERY bad packet loss.
2:Someone joined to another plane in your general area*
3:The *pilot/player/groundtroop* model was changed into a small Dot sprite, so you would not see a (pilot/parachute/troop) floating behind a person's plane while someone is attached to them. (MOST ACCEPTABLE).
And in this films case, im goin' with #3 as the reason.
I hope this helps.