I've never seen an aircraft accident like this. Incredible footage on The UK Daily Mail website, taken from a podcast.
Considering the speed of the aircraft, it seems fortunate that it went down vertically. In the podcast you can see an impact point and then nothing (I can see) that looks like an aircraft. No fire or smoke (save a short initial burst), just impact and debris.
Those hit by shrapnel must be in a state and I hope they don't suffer too much, too long.
I haven't been to an air race, but these sort of high impact crowd incidents take one back to motor racing in the 1950's and 60's. 74 years old seems to be a bit much to be absorbing so much g and for this sort of high energy environment.
O'Neill.