A lot of good observations about display flying on this thread. Just a couple of my own (opinions) as a display pilot:
The display should be tailored to the aircraft. There is little point in doing graceful wingovers and flybys in an Extra 300, but it looks fantastic when done by a Spitfire. F16/18 etc turn tight, lots of g, lots of power, looks good slow or fast, but the Tornado wouldn't look good trying to copy it.
Unusual or unique aircraft should be shown off to the crowd from as many angles as possible, not a lot of point in wazzing past at 500kts on the deck - but an F4? Awesome.
The BBMF do a good display and show the aircraft off well, it's just 10 minutes too long. I've seen a Harvard flick rolled at the top of a loop; didn't look impressive to your average spotter as it goes round so slow - chuffing dangerous though (yes, I've displayed them).
A Mustang, fast flybys and wingovers, with the gun ports uncovered. Looks good, sounds good. Would look crap doing a slow speed pass with the gear and flaps down. looks good when a really big jet does it though.
Reichman