I'm not aware of anything in this game... But in some modern jet fighter game there was a youtube video going around with a Blue Angels type display. It wasn't so much an airshow as a video, and yes, according to the bloopers, lag was a major headache. They pulled it off though (numerous takes for a video will let you do that), and it was pretty darn cool.
Not something I'd put my time into doing, mind you, but pretty darn cool nonetheless.