I was watching it thinking hoax, but at the same time a little bit of me thought that the only thing it was even close to was a jellyfish. Very interesting that that is what it was.
There were all sorts or ridiculous ideas about what it was on another website, Jim. The only thing I know is that if I ever saw that Jellyfish in the sea with my scuba kit on, I would have breathed out too many bubbles It certainly stopped the Oceaneering ROV operator's joystick I suppose it is like other Jellyfish in that they don't have brains just a nervous system but it seemed to come back up so it is baffling. http://species-identification.org/species.php?species_group=zsao&id=2434&menuentry=soorten
I have to say that the coming back up bit looks closer to CGI than the rest, that looked more fake than the start