(Please be aware the video here is graphic and disturbing.)
Air show accidents are not common, but, they are not rare either. For that matter, air show accidents are unique for their legal complexity. Not only is there a question of what went wrong in the cockpit (if anything), but there are questions about the welfare of the thousands of spectators, and whether or not public and private organizers of the air show took proper precautions to avoid the tragedy -- on the ground and in the air.
For now, determining the probable cause of this accident, not assigning blame, is crucial so that whatever occurred will not happen again. To that end, the National Transportation Safety Board will now investigate "man, machine, and environment" to develop a report of this terrible tragedy.