It's a Derry Turn, named after the first pilot to break the speed of sound in England, De Havilland test pilot John Derry. I don't know if Mr Derry "invented" the Derry Turn, but he certainly popularised it. And you are right, it is very a pleasing manoeuvre.
John Derry was killed with his observer and 29 spectators in the 1952
Farnborough Air show tragedy.