Hmm... You might be onto something with mentioning the oil being non-conductive.
I only really started to notice this after I changed the oil - that being said I had a E-test to pass so I did a bunch of typical maintenance items (Plugs, Wires, Oil Change, Air Filter Clean...New Cat!). So I was being a tad more observant after all this, so it may have been pre-existing or it may not have been, I just happened to notice it afterwards.
*As a side note of sorts...The oil I took out was to say the least 'earning its keep'
So it is possible that the oil in the crank had a lower resistance and therefore reduced the electrical buildup and prevented the discharge from occurring.
As to the video - Yep that's what it looks like, but mine is louder and brighter (I can hear it while siting in the drivers seat and see the glow from the spark reflecting off cars beside me).
I don't know the vintage of the timing belt so perhaps I should look into replacing it (someone mentioned the belt as being mildly conductive).
I contacted Hyundai about a discharge spring on the crank, I got a raised eyebrow and a chuckle, so that's a 'no' on that one...
Thanks for all the responses guys...If you got anything else to check - please chime in. In the interim I'm going to sit back and watch ghost-busters and hope for a osmosis fix.