This is a sticky on what current turnaround pattern is all about, it is in the main pattern forum:

http://www.rcuniverse.com/forum/m_3766720/tm.htm

Also, search the classic forum on "SPA" and "BPA" for info on the older style of non-turnaround pattern.

The only type of precision aerobatics that comes close to fitting your description of smaller and slower is indoor flying, F3D. The planes are all electric powered foamies and do fly extremely slow, due to the restricted space available. Current turnaround pattern is flown quite slow as well, but nothing close to the way you are describing it, and the maneuvers are flown quite large and as far out as possible. Part of the reason for wanting speed is that it makes everything look smoother, and it reduces corrections required for cross winds.

Mark