Not all theories are equally valid. The "Black Hole" theory was predicated on a child's understanding of physics...not a valid theory...just wild speculation serving only to fill time on a "news" show.
Some explanations are more likely than others, in the absence of more facts, none can be proven.
But, as of right now, mechanical failure, including electrical fire, and weather are very unlikely.
For the questions asked:
DITCHING: OK, this hasn't been done yet with an airliner the size of a 777. It is possible, as Sully proved recently, to successfully ditch an jet airliner... The sea state is the principal consideration. Wind matters, but waves and swell matter more. You want the airplane to contact the water evenly, with the aft fuselage, flying as slow as possible so that it decelerates and stays in one piece. This isn't easy if there are big swells or sharp waves. Hit an engine or wingtip before the fuselage, and the airplane tumbles, breaking it apart before it stops. While you could ditch a 777, the Southern Ocean is perhaps the worst possible place for a successful outcome, because of the swell and waves. If it were successfully ditched, it would likely sink after a while, as Sully's plane started to do as it floated down the Hudson. An unsuccessful ditching is called a "crash"...and that has happened with a 767, which is almost the size of a 777, when hijackers forced an airplane to run out of fuel (and as CNN so perceptively put it, in a laughable understatement of the obvious: it's a struggle for a 777 to stay in the air after the fuel is exhausted...)
More here:
http://en.wikipedia.org/wiki/Ethiopian_Airlines_Flight_961
FORMATION FLIGHT (HIDING in FLIGHT): This is theoretically possible, but as a practical matter, extremely difficult. Flying formation at night, from below, is next to impossible because the reference lighting just isn't there. The pilot needs to be able to see the airframe of the lead aircraft (in this theory, the Singapore Airlines flight) and you would have to be very close to avoid military radar detection. Civilian ATC radar is generally not looking for primary (non-transponder) targets, so, if lucky, an airplane with the transponder off might not be seen if it's quite close to another big airplane. Military pilots do this, we fly fighters close enough to appear as one target, but not with big airplanes like the 777 and not without visual reference. This is extremely unlikely unless the pilot flying had formation experience.
HIDING a 777 on the ground: I've already discussed this in a previous post. Point is, you need more than just 5,000 feet of runway on which to land this thing. Those requirements really limit the possible landing locations.