After finishing the attack, which left one victim unconscious, the pair ran off, and were found hiding in a beck by police.
They claimed they were acting within the law to protect themselves from assault, and wanted to "disable" the threat.
After the sentencing, Detective Constable Andy Palmer said: "This is the most violent piece of CCTV footage I have seen in 10 years as a police officer and it is extremely fortunate that the victims in this case were not more seriously injured.
"This case highlights the horrors of alcohol-fuelled violence and is even more shocking given that the defendants were, up until this incident, of good character."
Smith and Collins had been out drinking in Darlington before the attack, a town around 15 miles from Catterick Garrison and a popular drinking destination for the garrison's soldiers.
Two of the soldiers' superior officers attended the hearing, and told the court they wanted the two men to return to work.
Richard Herrmann defending Smith, said: "He's an angel but on that night he was a devil."
Sentencing both men for committing actual bodily harm, Judge Hill expressed his hope that the Army would continue to employ the men, who he said had showed a considerable degree of remorse.
He said: "What I have done is entirely exceptional. I cannot say what the Army will do but I express the hope that the Army feels able to keep you."
Collins, a soldier in the Welsh Guards, was given a 12-month community order, and Smith, of the Scots Guards, was given a 12 month sentence suspended for 12 months and was ordered to complete 80 hours of unpaid work.
Both were ordered to pay compensation.
- The Independent