The Reds do provide entertainment and more importantly, inspiration to those who have dreams of becoming well trained aviators in the military. Many of todays best RAF personnel (not just pilots) first became interested in such a career after witnessing the RAFAT do their thing with such expertise.
Also, remember that these guys have buckets of experience in other forms of flying, much of it operational FJ, and have proven themselves in the past. Simply put - they are very good at what they do. If the guys get pride out of their new job - then good on them, I think they deserve it. They work many more weekends than a majority of other RAF employees. I simply find it wierd that they get such a bad rap from others in the military.
Why complain about them flying at low level whilst en-route to another display? It's all about exposure, and bang-for-the-buck. They're just making the most of their assets.