BPF
Thanks mate; I'd fly on your wing any time (remember, I'm an ex Big Piston pilot too.)
This has been an interesting thread, with the funsters versus the naysayers. The crux of the matter is, any form of flying needs discipline, adequate and proper training plus thorough understanding and briefing of the job in hand.
Low flying, aerobatics and formation flying are amongst the most demanding of our repertoire, so require special attention. However, they can all be performed safely, given appropriate conditions of weather, training and skill.
Having spent many hours flying low over the sea, I would never do it in a single-engined aircraft. (I always had four, or even six.) I have also many hours of formation and aerobatics experience. I would never do either without a parachute.
Train hard - fight easy.