There certainly is a legitimate area of discussion with respect to flight discipline and motivations of a portion of the owners/operators of high performance civilian aircraft. There have been a number of fatal accidents over the last 5-10 years in warbirds and like aircraft that are directly attributable to pilot error, and were closely related to some risky behavior like low level aerobatics or other "non-point-A-to-point-B" flying.
I've related this story before, but at EAA's warbird operator forum at Oshkosh in 2010, the main topic was this safety trend. One of the CAF's flight safety guys stood up and noted that every single accident in the previous year had been pilot error, and that most of those accidents involved some questionable judgment. He compelled everyone in attendance to "take a long, hard look in the mirror" and figure out why that was. The implication being, of course, that the current batch of owners and pilots were engaging in some risky behavior and poor judgment. The additional factors being the widely differing training and experience levels of the operators, as well as some personality traits which fostered a culture where people were hesitant to comment honestly on other guys' behaviors. The discussion amongst the pilots showed that they knew it was an issue, although they differed widely on how to fix it.
The follow-up is that at this year's operator forum last month, the main presentation was about airmanship, judgment, flight discipline, and it got right to the point. I didn't attend the jet group's forum, but I understand that it, too, was very pointed in its discussion, having had a pretty poor year (mostly because of the acts of a couple of bad actors that have given everyone a bad name....reference the Santa Monica pier flyby a few years ago). Obviously not ALL of the owners and operators are a bunch of hot-dogs. In fact, I'd say the majority of them pretty firmly are not. But the aforementioned differing levels of training, experience, and proficiency are definitely a HUGE problem, and the personality issue is a cultural one which has evolved over years of the changing face of membership in the warbird club, and will take many years to evolve (back) into something that allows for the brutally honest criticism to be given and accepted in the hopes of safety and improvement.
That being said, Huggy shacked it with his description of the airshow performer world. It is a tight-knit group that loves what they do, and do it because they want to. They appear to do a good job of regulating themselves, as they know the FAA is always there and ready to start regulating things for them if they won't take care of things internally. Certainly there are differing levels of experience, skill, and commitment to disciplined and safe flying, but it seems to me as an outsider that the overall culture of the ICAS bunch is very safety oriented, as they know that is keystone to the airshow businesses future survival.
LJDRVR's question of, "is it worth it", is ultimately irrelevant. These airshows are largely put on and participated in by people who want to do it. A spectator's (or even a single potential participant's) personal risk/reward analysis really doesn't matter, since there are tons and tons of people for whom spending the time, effort, and money to train for, and participate in, the airshow circuit is worth it. Just as there are tons of people who are performing in IAC competitions all the time out of the public spotlight, just because they can. Same reason people are going to FAST clinics and learning how to fly formation, just because they can.