Yah.. the roaring sound and precision of military aerial display teams can't be denied, and are an awesome experience. But it's something you see someone doing in a Pitts or Extra or maybe even a Citabria or 150 that makes you question your understanding of the laws of physics :D
It is not the same. Having a jet do a low pass is something that you will remember for a long time. Or having it go vertical with full after burners, especially close to sunset where you can see it better.
The other factor is showing how good you are: sure, you can do formation flying in an Extra 300 or a C150, but doing it in a fighter jet show precission and skill, because it will not forgive you as easy as a slower moving plane.