Good rant FJ2ME, ALARP is a good and sensible yardstick and let's hope that reasonable judgement prevails when the authorities make difficult decisions (as they will most certainly have to) about future safety regulations at airshows.
Although not relating to this tragedy (I believe there were other factors at play), a starter would be to ban downward vertical manouevres with low pullouts in high inertia aircraft, full stop! There have been too many tragedies from these manouevres. Half or full Cuban Eights look nicer and are a lot safer.