There's been quite a few video like this going around, I haven't really been keeping track of it all, this video is pretty new and I'm finding it hard to judge the scale of things, in the first moments of the video below you'll see something break the waters surface and It looks pretty tiny really, the wake created looks like it's moving to fast to be anything other than small.
You can read an article about this video here.
CHINA LAKE MONSTERS (Italian tv-news)
Yes, they do look awfully small. I think they're staging a race of some sort...preview to the Bejing Olympics perhaps, ha ha>
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12 minutes explicit video.