I can't agree with this. It makes some assumptions that may be quite wrong. You say he established a minimum altitude, but did he? He leveled off at an altitude, who's to say his level altitude didn't have some "fat" built in to allow for his turn? This is a discussion I've heard before, some agree with you and say you should pitch first then roll, other very experienced low level fliers have countered that it looks a lot better if you roll then pitch and provided you're at a reasonable altitude to start with, it's perfectly safe (personally, when I used to do this sort of thing, I'd pitch then roll but I have no problem with pilots doing it the other way.)
You might have missed the point, by a considerable margin.
My own expertise is primarily in low level operations, and by that I mean everythin from six inches on up...a lot of it at six inches above the ground, and beneath powerlines. While I don't claim any expertise, I also fly the B747...though not at low altitudes.
What it "looks" like isn't particularly relevant. When I stated the pilot established an altitude, he did just that; he did so by leveling off. Whether he did that at 200' or a thousand feet isn't particularly important, other than once it's established at a low altitude, one doesn't want to descent any farther.
If one banks, and drops a wing below that altitude, one is placing the wing closer to the ground. If one has a very good understanding of exactly where one's wingtips are...and one's altitude is adequate, this can be done safely. However, the pilot rolled, dropping his wing down close the the ground before pitching up to climb out...an unnecessary risk and an indication in watching the way it was done that he's lacking the experience. It was sloppily and poorly done.
Had he done it properly, the lower wingtip would have scribed a line at the same level as the bottom of the fuselage, and the outboard wing would have risen. Instead, he rolled about the longitudinal axis, lowering one wing and raising the other...an improper move.
As for the red bull flyers...this wasn't a pylon race to thrill crowds. It was a low approach by a B747, and the pass was not performed correctly. Furthermore, even the Xtras and other airplanes on the redbull tour pitch up when flying close to the ground. It may be slight, and you may not notice the amount of control input required to do it...but it's done. In fact, I watched one disqualified not long ago (amsterdam, I think) when he gained just a little too much altitude through the pylons doing this very thing.
Anybody with low level experience knows better than to establish a low constant speed run, then bank without pitching, to prevent the wing from dropping below the low pass altitude.