You're both spot on. For example, Nicholas Pope, former UFO analyst for the UK MoD has pointed out repeatedly that 95% of UFO inquiries/reports by the public are "clear misidentifications" or easily classed or identified by someone with the proper resources (flight schedules/paths, secret military flight schedules, astronomical data, satellite orbits).
This is not the fault of the public, since they aren't intimately familiar with all these things. The cases that become "interesting" are those where civilian and military pilots, astronomers, radar analysts, and others who are trained for and used to looking at airborne effects find themselves seeing things they can't explain, with multiple sources reporting or verifying. Of these few remaining cases, some cannot be explained and do not appear to amount to anything, and others cannot be explained and could amount to something. After the fact, there is little to be done about it, anyway.
Cases that become "very interesting" are those where both trained observers and objective/mechanical equipment report something that can't be explained by normal means and do not, upon further analysis, admit any explanation known to science. Of course, a phenomenon that is unexplained and unidentified, even by trained observers and exhaustive research after the fact, does not automatically validate a hypothesis that these occurrences are, in fact, examples of alien spaceships flying around earth. These cases may/do, however, point out that there are still things and phenomena that are beyond the explanation of science and instrumentation as we have developed them so far. Such cases are the vast minority of all reports, but they are numerically significant enough to warrant further observation.
On the USA front of the UFO inquiries, I have certain information that is similar in effect to Nick's analysis. Of those classes of cases that "could amount to something" there are some scenarios which are not explicable by normal science in which the military's standing orders are/were to "scramble everything we've got" to try to intercept it. This also doesn't prove these are extraterrestrial visitors, but it does suggest that there are things out there that the military/intelligence community considers a genuine source of either threat or information, that they are most interested in learning more about. The exact nature of these phenomena could have many explanations.
Personally, I don't give a damn if they are aliens, psychic manifestations, dimensional shadows, time travelers, red lectroids, black lectroids, spontaneous hallucinations, mass hysteria, radar glitches, electromagnetic distortions in the timespace continuum, or a bit of sausage I ate too fast before going to sleep. To me, the most interesting thing about them is the Rorschach-like effect they have of inspiring self-contemplation of the human species. The supposition of an intelligent equal, an other, or a superior technology/species makes humanity contemplate itself from an objective, non-exploitational point of view. "What do they think of us?" humans wonder, and that self-examination alone is perhaps worth the effort. In some ways, aliens may be better at inspiring morale contemplation than an almighty god, for the aliens may be something we can aspire to within our lifetimes, something relevant and tangible to imitate.
Most of the material I have spent the week reviewing amounted to a lot of nothing, of course, being obvious projections of a priori assumptions, various aspects of hoaxes and delusions, wishful thinking, post-hypnotherapeutic confabulations, and religious hysteria wrapped in dubious logic and even more dubious correlations. The few usable leads I found, I will be pursuing over the next few days. If I discover anything worth reporting, I will.
However, it's my birthday today, so I'm going to avoid doing anything that feels like work or usefulness and simply enjoy existing as a being unto myself :)
In case you didn't realize it, I DO have a sense of humor. How about you?
"I will not fear. Fear is the mind-killer... I will face my fear. I will let it pass over and through me, and when it has gone, only I will remain." --The Bene Gesserit
"Time is a spiral. Space is a curve. I know you get dizzy, but try not to lose your nerve." -- Neil Peart
"I'm not in the ship. I am the ship." -- River Tam
"The truth is simple. It's the lies that get complicated." -- me
"No matter where you go, there you are." --Buckaroo Banzai