Could be interesting for the Pentagon to have another go at debunking UFOs. How useful that will be might depend on how much material is made publically available. We can depend on the fact that UFO conspiracy theorists won't stay quiet about any perceived "cover ups".
In other words, this will only really work if all the information is made publically available. But the problem is that the nature of this investigation means that this is unlikely in the extreme. The Pentagon will want to keep details about military aircraft - both the US ones and the ones belonging to other nations - secret. They don't want information getting out about the precise movements or composition of the US air force. They also don't want to broadcast everything they know about the movements and composition of the air forces of other nations.
Assuming this goes ahead, then, the most likely outcome will be a report that examines UFO sightings in four categories:
- Some UFOs will turn out to be civilian aircraft or other mundane things (like the perennial mistaken sightings of the planet Venus). The Pentagon will publish some of those ones.
- Some UFOs will be identified as US military activities. Some of these identifications may be published, but others probably won't be. The UFO conspiracy crowd will seize on the unpublished or redacted information to claim support for their theories of government cover-ups.
- Some UFOs will be identified as due to the activities of foreign nations. Again, information is likely to be released selectively by the Pentagon, which will be more fodder for conspiracy theorists.
- Some UFOs will not be able to be identified with any certainty, mostly due to lack of sufficient evidence. The UFO nuts will go on claiming that these UFOs are the real alien craft and that the Pentagon knows this and is covering up yada yada yada; in other words, business as usual.
To sum up, then, the most likely outcome of spending more taxpayer dollars on this will be that a few more UFO cases will be solved. That won't change the minds of any of the hard-core UFO nuts, of course. They will love having another "Blue Book" style report that they can get their teeth into to fuel their conspiracy theories for the next 50 years.