Just more detail than I've seen from on board cameras in the past...
Tyvek shower caps torn from nose RCS thrusters between 4.8 and about 6 seconds (by the MET clock in the top right hand corner). This is just a plastic paper used to protect the manoeuvring jet thruster assemblies from being contaminated with moisture whilst the vehicle sits out on the pad. They are designed to fall off quickly and get incinerated in the exhaust plume before the shuttle gets to any speed at which they can cause damage. Similar covers on thrusters lower down the shuttle get torn away by the acoustic over-pulse at solid rocket booster ignition. Lots of launch vehicles use similar to protect rocket motor assemblies that have to sit out on a launch pad for days.
At the subsonic/supersonic boundary, great pressure differences cause the condensate to form (it's a physical manifestation of the Prandtl Glauert transformation which describes the flow regime at a given Mach number - at Mach 1 that would become infinite, except that's non-physical and in reality other factors come to dominate). In the lower pressure region around the craft atmospheric temperature drops momentarily causing moisture in the air to condense out into a fleeting cloud. You can see similar in high performance aircraft and in other situations where there are sudden changes in pressure (vortices off commercial aircraft wing tips, compression waves in the atmosphere due to nuclear explosions, say, and it's the process that forms many 'everyday weather' clouds). Here you see it from 42-48 seconds. (Note it's still pretty much vertically over the launch pad throughout this time).
Wing flutter (weakest parts of the orbiter) due to vehicle loading in the dense lower atmosphere can be seen from 36 seconds to about 75 seconds where it tails off. The main engines and solid motors throttle back during this time to avoid over-stressing the assembly. This is Max-Q the period of maximum dynamic stress (coincides with the transonic regime).
Having cleared the dense part of the atmosphere, from about 75-79 seconds, you can clearly see it's pitching over backwards more dramatically (the horizon line climbs in the background of the camera field of view), the angle of ascent is gradually reduced so the vehicle can now accelerate to orbital velocity (from launch to solid rocket separation it changes from 90 degrees to about 57 degrees to the horizontal). The imperative is to gain speed, even at the expense of some altitude (it will naturally gain altitude as orbital mechanics take over at the end of powered flight, with little atmospheric drag). The ascent profile actually looks like:
which is not untypical for a lot of launch vehicles. Powered flight ends around 900km downrange in that diagram (well after the end of the film excerpt), just after the dip in altitude, but the vehicle is now travelling so fast it naturally climbs out to orbital altitude (there are no engines running from 900km through to the end of that diagram).
Will that do you?
e2a: forgot to mention Max-Q.