The most popular aerobatics show is definitely the Red Bull Air Racing world championship. It is a series of events that is organized mostly over water (usually ports) where small aerobatic planes are timed over a course defined by nylon inflatable cones. The events are very spectacular and they are broadcasted live at Red Bull's website. Sometimes they are too spectacular as you can see in the image below where pilot Matt Hall touched the water (twice!) but managed not to crash.