I had the distinct pleasure to fly in Red 2 on a display a couple of years ago. The team impressed me with their professional approach and the obvious skill with which they fly. Some of the manoeuvres are difficult to describe, let alone execute.
Lots of people knock them, as evidenced here, but I have nothing but admiration for the job they do. I couldn't do it, that's for sure.
As for the speeds, Tarnished gave a sensible answer a few posts ago.