I have seen more evidence supporting the validity of this case then to the contrary which is especially odd since this is by far one of the craziest stories out there.
Here's a quick summation for those too lazy to watch a video!
A guy hiking in the woods runs after his dog who apparently got sense of something close by and went off to attack.
Dr. Reed picks up a log and heads off after him to find that his dog is attacking some kind of small being and has it by the arm. The being desintigrates the dog after ripping it appart. Seeing this obviously disturbed Dr. Reed, so he reacted as he saw was the most logical thing to do in this situation that is....he whacked the thing with the log across the noggin'
Long story short, he takes a bunch of pics and video. Both at the site and at home where he examines in the body.
The story gets much more wild from there, but yes there is photos and video of all of this as well as all kinds of other information (and disinformation) on the subject.
Here's an interview with him on Mexican TV a bit later then the update lecture:
http://www.youtube.com/watch?v=ZAru5vAmcjI
For those who claim hoax, please provide some evidence that hasn't been addressed in the update lecture about identity there really isn't much info out there that is credible that contradicts Dr. Reed's claims.