Check out the first picture in this news article. Is that an F-18 flying mere feet above the surface of the San Francisco bay?
Yes, this is kind of neat, until (and I'm going to run the risk of sounding like a parent here) someone gets hurt. Furthermore, it's one thing to risk your own life. But why those people on the water? This seems beyond standard "air show risk" to me, and on into "reckless abandon".