Having been on the delivery end at many airshows as both lead and wingman they are not that fun for the pilots. In fact they were a hassle and frankly boring as far as I was concerned. Also, there are thousands of eyes (literally) watching your every move and your every screw up, and more importantly the eyes of the higher ups. Also, there have been many crashes over the years by guys trying to show off, so any potential "fun" was eliminated long ago, and your every move is debriefed.
Now the parties afterwards with the locals, now that was where the fun was. But those are other stories, best left off the internet.
For me, It was much more fun watching from the ground then actually participating in airshows. Most people don't realize that the flying demonstrations done by the military pilots are for the most part mundane maneuvers. The public likes them, but the for the pilots it is no thrill. The demonstration pilots who do the spins and snaprolls and inverted stuff that is a different story.