Leicester 1 - Good factual post, just as I saw it, but the final manoeuvre looked to me like the start of a Derry turn (roll right, turn left etc)?
NigelonDraft - Excellent post and agree totally with your views, just one comment. As the aircraft was Royal Navy owned and operated, with a serving RN officer in command, the inquiry will almost certainly be a Royal Navy 'Board of Enquiry', not by the AAIB.
As for the increased accident risks associated with Flying Displays, they get more TV coverage due to the high number of press/public/media in attendance. Hence the headlines..
Overall, and when you consider how many displays there are in the UK every year, any accident at a flying display is rare. If something does happen at low level, the options for sorting it out are limited. But then, how many paying public would like to see an aircraft performing at 5000ft, and 1000m+ away from the crowd?
Can you imagine if the 'Ban everything Brigade' were in attendance at every non-display aircraft accident in the UK, no matter how minor it was? Flying would have been banned in the 1930's, nosewheels would have been abolished due the high number of pilots who manage to remove them on landing, and runways would have been made into 5000m super runways due to the large number of light aircraft over-runs.. Everybody, everywhere would be flying a Piper Cub! Maybe not a bad thing?
Sex is risky - Ban that and see what people say!