Hey BradA,
That is definitely Kirby Chambliss doing the real thing. We just had our full scale air show in October and he did it a number of times right over the runway. He can hold his "Cobra" for a good 8-10 seconds before he has to level off and fly away. If you go to his website:
www.redbulledge.com
you can see for yourself. He has a number of videos on there. Also, I just attended the International Council of Air Show convention in Las Vegas this month and Kirby and Sean Tucker both said they are working real hard at adding more "3D" flying to their acts. Like someone had mentioned earlier in this thread that it is just a matter of time...
Ray